it assessess cash Gift to brother value rs:20 lacs amount through on bank mode.Gift amount brother used for some amount outstanding liabilities and some amount land purchase advance paid.
question:
1.Gift transaction clubbing provision applicable
2.Gift amount used purpose any objection.
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Gift transaction clubbing provision applicable
Replies (6)
Quick Summary
1. No clubbing as no income arise from gift
2. No objection
2. No objection
When transfer money through banking it is not considered as a cash gift.
Both brothers have to declare these transaction details in their Income tax return.
Repay his liabilities. His brother shows fund proof of this. No taxable.
When buy a property or any investment in these amount. His brother subject to taxable when sell that property.
Gift transaction and clubbing provision is separate.
We know that , did you know such provisions.
Refer sec 64 of income tax act for clubbing provisions
@ sabyasachi mukherjee, Firstly you read that provision and come back with the rule and then explain
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