a it person cash gift from relatives and family members details mentioned below
1.cash gift from mother rs:1,80,000/-
through on cash mode
2.another date cash gift from mother's brother rs:1,85,000/- through on cash mode
3.another date cash gift from sister rs:1 lacs through on cash mode
4.another date cash gift from husband's brother rs:1,50,000/- through on cash mode
5.another date cash gift from brother rs:1 lacs through on cash mode
question:
above mentioned all gift transaction allowed.
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Gift transaction allowed
Replies (4)
Not allowed
Read sec 56(2) (x)
Gift will be exempt from taxation u/s 56(2)(x) of the I.T. Act as all amounts are received from relatives only
Provisions of sec 269ST will also not be applicable as cash amt is less than 2 lacs from a single person
overall, the above transactions will not attract tax
Provisions of sec 269ST will also not be applicable as cash amt is less than 2 lacs from a single person
overall, the above transactions will not attract tax
No only direct blood relation
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