08 September 2023
Yes, You can treat the same as GIFT. Gifts received by individuals from their relatives are generally not taxable. Relatives are defined to include parents, grandparents, siblings, spouse, and lineal descendants.
and in my books i will close it Treat as Gift and their Books how to close witch is under loans and Advance ...is there specified Limit to Take Gift From Parents ...under witch Head and and section ???
02 August 2024
Thank u sir but i spoke with one my Auditor and he says up to 50000/- only exempt more then that is taxable so please tell me under witch section is not Applicable
CAclubindia
