As per Sec. 56 (2) (vi) (a) of Income Tax, gift received from a relative in cash is exempt irrespective of amount.
The query here is "If a person gives Rs. 75000 per month in cash as gift, to his relative falling under this section" is it exempted?
If it is eligible for exemption:
Should there be a gift deed in each case? i.e., every month when the person gives such gift, should a gift deed be made for the same to prove to the ITO if a dispute arises on this during assessment?
Kindly clarify.!
Attached File : 1094766 1196686 sec 56 2 vi.pdf downloaded: 116 times
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