What should be the treatment in case if a sister received money from brother and mother every month around 20000 total, for her house expenses. which comes around 240000 per year how to treat this amount as she have started small business from which she is getting around 300000. there is no investment done in last year FY 2020-21, How to treat money received from bother & mother.
4 Replies
Ankita Jain
(CA in practice)
(185 Points)
Replied 25 July 2021
Gift received from relative is exempt from Income tax. And not to be included in the total income. In this case, whole 240000 is exempt.
Any other business income shall be liable to tax under the normal provisions of the Act.
Any other business income shall be liable to tax under the normal provisions of the Act.
Abhishek
(NIL)
(159 Points)
Replied 25 July 2021
Okay, then the limit of Rs 50000/- is not applicable in this case.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 25 July 2021
Not required to show it is exempt as it is received from relatives
Nidhi
(Chief Accountant)
(3150 Points)
Replied 29 July 2021
No, Limit of Rs. 50,000/- is not applicable in case money are received from relatives.
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