Receipts and payments gift transaction allowed

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B.com
3025 Points Posted on 05 January 2023
it assessess cash gift from brother rs:20 lacs dt:14-12-22 through bank mode received after same date cash gift to son rs:10 lacs and cash gift to daughter rs:10 lacs payment through on bank mode pay.
question:
two gift transactions same date accepted in it act
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On 05 January 2023 at 22:33 Report
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Quick Summary
This discussion clarifies whether cash gifts made via bank transfer are permissible under the IT Act. It confirms that a Rs. 20 lakh gift received from a brother, followed by gifts of Rs. 10 lakh each to a son and daughter, all processed through banking channels on the same date, are accepted and not subject to tax.

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SEO Sai Gr. Hosp.
212503 Points Posted on 05 January 2023

Yes, all the above referred gift transactions by banking channel accepted.

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On 05 January 2023 at 23:16
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Profession
28261 Points Posted on 06 January 2023
These are not taxable.
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On 06 January 2023 at 09:30

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