Fund transfer

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Director
22 Points Posted on 08 July 2019

Hi,

One of my college batchmates has unfortunately died due to heart attack. We batchmates wish to contribute money to support his family. The amount may total around Rs.10 Lakhs. What is the best and legal way to transfer money to his family, so as not to attract scrutiny from IT?

Thanks in advance!

Shail

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On 08 July 2019 at 20:20 Report
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Accountant
1331 Points Posted on 08 July 2019
Gifting above 50000 is taxable.
So gift upto 250000 Rs to each of his family members.
Gift some money in cash form.
1 Reply
On 08 July 2019 at 20:46

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