Can gift be given to son of Rs. 10 lacs by merely book entry , not actual consideration.?
If yes, entry in father's books?
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Gift.
Replies (6)
Gone are the days........... in this digital world specifically u/s. 269ST..........
269ST is attracted if in cash..??
Yes....... specifically over cash transactions only......
So this gift is correct.. until settled in Cash??
Gifts are not returnable..........
There is difference between Gift and Loan.........
Any cash transaction for amount 2 lakhs or more will attract penalty of equal amount for violation of section 269ST.......
ok....
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