Gift from relatives sec 68 applicable

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This discussion explores the applicability of Section 68 of the Income Tax Act to cash gifts received from family members. It questions whether these gifts, totalling £1,90,000 from 10 relatives within a financial year, are taxable. The core issue is understanding the conditions under which Section 68, and potentially Section 56, might apply, especially concerning the genuineness of the gift, the relationship of the givers, and the occasion for the gift.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

27 November 2020 One of I.t. Assess cash gift received from family relatives (1,90,000 *10)10 members one finicial year .
Question:
Assess sec 68 applicable in I.t. act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

27 November 2020 68 not applicable if it's of genuine cash gift received.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

29 November 2020 Please give details of who are the family members who gave cash and what was occaasion for it purpose and sec 56 and 68 applicability.

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