Gift

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priya agarwal (Querist)
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10 November 2014 can one person can give gift to other which he received as gift earlier in same financial year?

Nikhil Kaushik (Expert)
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10 November 2014 yes he/she can. there is no restriction on it...

priya agarwal (Querist)
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10 November 2014 but ITo is Saying it is fund transfering

Nikhil Kaushik (Expert)
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10 November 2014 ITO can say what he has to. there is no section in the act which can disallow genuine gifts.

Nikhil Kaushik (Expert)
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10 November 2014 as long as you are able to show the source of the gift and it is properly documented, there is little he can do.

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