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Gift related Info.

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Pivate
1491 Points Posted on 20 February 2022
Dear Sir.

Can brother give gift amount by digital mode Rs.31000/- to his elder sister.

if yes sister need to show gift amount to in ITR any lncome tax liberty needs to pay.

brother face any issues?
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On 20 February 2022 at 16:52 Report
Replies (3)
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Chartered Accountant
973 Points Posted on 21 February 2022
Yes he can give the gift without any issues, gift is exempt from tax. Also sister needs to show in ITR under exempt category, hence no tax liability. Even brother doesn't face any issues, for brother no need to show in ITR.
6 Reply
On 21 February 2022 at 07:35
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GST Practitioner & Accounts
15083 Points Posted on 21 February 2022
In addition to Jain sir reply , I would like to add that , it's better to prepare registered Gift deed , always in future also .
it's exempt Income as per section 56(2) of the Income tax act .
24 Reply
On 21 February 2022 at 08:27
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Profession Business
28196 Points Posted on 21 February 2022
Read Sec 56(2)(x)
44 Reply
On 21 February 2022 at 08:58


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