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.
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Gift for taxable or exempted
Replies (5)
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
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