Please Help: gift transactions
Posted Date : 29-Jan-2021 , 10:36:13 am | Posted By Kollipara sundaraiah
one of a female i.t. assess gift transactions mentioned below in f.y.20-21
1. DT:20-05-20 cash gift from mother Rs:1,50,000/- through on cash mode.
2.Dt:21-06-20 cash gift from sister Rs:1,30,000/- through on cash mode.
3. Dt:24-07-20 cash gift from brother Rs:1,40,000/- through on cash mode.
4.Dt:27-10-20 cash gift from brother in law(husbands brother) Rs:1,20,000/- through on cash mode.
question:
assess all gift received cash mode taxable or exempted and allowed in i.t.act
2.Sec 68 applicable in i.t.act
1. DT:20-05-20 cash gift from mother Rs:1,50,000/- through on cash mode.
2.Dt:21-06-20 cash gift from sister Rs:1,30,000/- through on cash mode.
3. Dt:24-07-20 cash gift from brother Rs:1,40,000/- through on cash mode.
4.Dt:27-10-20 cash gift from brother in law(husbands brother) Rs:1,20,000/- through on cash mode.
question:
assess all gift received cash mode taxable or exempted and allowed in i.t.act
2.Sec 68 applicable in i.t.act
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