Gift for taxable or exempted

I.t.assess cash gift transaction in f.y.20-21 mentioned below.
1.cash gift from father Rs:2 lacs through on bank mode Dt:20-10-20.
2.cash gift from mother Rs:2 lacs through on bank mode Dt:21-12-20.
3.cash gift from father Rs:3 lacs through on bank mode Dt:06-01-21.
4.cash gift from mother Rs:3 lacs through on bank mode Dt:07-2-21.
question:
1.Assess above gift transaction taxable or exempted in I t.act.
2.sec 68 applicable in I.t. act.
Replies (5)
Quick Summary
This discussion explores whether cash gifts received from parents are taxable or exempt under the Income Tax Act. The consensus is that gifts from relatives, including parents, are generally exempt. However, it's noted that these exempt gifts can be subject to clubbing provisions. The advice given is to consider alternative transfer methods to avoid potential scrutiny, such as depositing cash into the donor's account first before transferring to the recipient.

In my opinion cash gift from relatives are completely exempt under it act..both father and mother are covered in definition of relatives...
Not taxable all are under gift from relatives
Better avoid cash gifts. instead deposit cash in donor's account and then transfer to Donee.
All gifts from relatives are exempt but they are subject to clubbing provisions
They r exempt

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
31 October 2026
Accountants

sankaran and krishnan

New Delhi

B.Com

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
Featured 29 October 2026
Accounts Executive

Synergy Keystone

Chennai

B.Com

View Details