Recently my mamaji has transferred 25 Lac to my bank account as gift.
will i have to pay tax on it?
4 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 20 April 2022
No it is exempt as he covers in the definition of relative under income tax act.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 21 April 2022
Yes, exempted under the Income Tax Act
shrawan choudhary
(132 Points)
Replied 22 April 2022
Exempted,since your mamaji is covered within definition of relative
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