Tax on cash transfer between siblings

If brother gives cash to sister from his savings as a part of family settlement then is this amount (over 1 crore) taxable under income tax for the sister? 

Replies (2)
Quick Summary
This discussion explores whether a cash transfer of over 1 crore from a brother to his sister, as part of a family settlement from his savings, is taxable for the sister. While banking channels are generally preferred for tax-free transfers, the applicability of Section 269ST of the Income Tax Act was debated, with the consensus leaning towards it not being applicable in this specific scenario.

The transfer should be through any banking channel to be tax free.

Otherwise, penalty under sec. 269ST of IT act will be applicable.

 

No sec 269 st is not applicable here.

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