INCOMETAX Related

m.prasad (B.Com) (126 Points)

05 January 2021

good morning to all, GIFT CAN RECEIVE cash from attagaru, Rs.10 lakhs, it exempted from income tax or taxable

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6 Replies

Smit Shah (524 Points)
Replied 05 January 2021

No as mother in law is considered as relative and it is exempted

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 05 January 2021

It is exempt under IT act

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rama krishnan (12234 Points)
Replied 05 January 2021

Though it's exempted income, section 269ST may attract

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 05 January 2021

But if payment is made through cheque or bank draft or account payee cheque other than cash then it will not attract 269st

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Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 05 January 2021

Through cash allowed Rs .20000 per transaction ,through bank Rs .200000 lakh per transaction !

Otherwise Sec .269ST applied

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Krishna Chaudhary (Accountant) (4531 Points)
Replied 08 January 2021

Taxable

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