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INCOMETAX Related
good morning to all, GIFT CAN RECEIVE cash from attagaru, Rs.10 lakhs, it exempted from income tax or taxable
Replies (6)
No as mother in law is considered as relative and it is exempted
It is exempt under IT act
Though it's exempted income, section 269ST may attract
But if payment is made through cheque or bank draft or account payee cheque other than cash then it will not attract 269st
Through cash allowed Rs .20000 per transaction ,through bank Rs .200000 lakh per transaction !
Otherwise Sec .269ST applied
Otherwise Sec .269ST applied
Taxable
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