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money received from brother for tteatment
sir I want to know where should I show the amount received from brother for treatment of myself for cancer? further whether the same will be included in my income and whether it is chargeable to tax.? further what about sip of mutual fund which is matured after 5 to 6 years whether that amount too is chargeable to tax if they are tax saver plans.
Replies (1)
1. Amount received from your brother for treatment of your cancer can be treated as gift to you and is as such not taxable to either of you. You may declare the amount under 'Exempt income'
2. Any amount (under SIP) invested in MF ELSS scheme, can be redeemed only after 3 years, and not before. Hence the total redemption value from equity ELSS scheme is tax-exempt.
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