CAN A PERSON TAKE GIFT FROM GRAND MOTHER IN CASH OF RS 200000 AND IS THE SAME SHOULD SHOWN IN ITR UNDER EXEMPTED INCOME..
ITO CAN ASK SOURCE OF INCOME OF MY GRAND MOTHER?
6 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 05 April 2018
Yes you can accept but make a gift deed for same.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 05 April 2018
No more restriction and No more Questions raised...
The Person can take Gift from his Grand Mother...
The Person can take Gift from his Grand Mother...
Avinash Kumar
(CA-Final Students)
(192 Points)
Replied 05 April 2018
yes you can accept gift from your grand mother, easily and no income tax provisions will attract for tax
tripti
(ca article)
(209 Points)
Replied 05 April 2018
Yes you can receive the gift from your grandmother but gift deed is must.
Shrinivas (CA, LLB, CISA)
(CA)
(182 Points)
Replied 05 April 2018
You may receive gift from your Grandmother, is tax exempt, which the IT authorities have no right to question or tax.
However, they do have the right to question and find out the source of your Grandmother's income, which she has given you as gift.
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