24 July 2013
Can sister take cash gift of say Rs. 4,00,000 /- from her brother ? Section 56 of Income Tax is not attracted. My query is that whether cash gift like this at a time i. e. Rs. 4,00,000 /- is allowed in Income Tax ? Can it be shown in her books of account as gift ? Brother 's has having sufficient cash on hand in his Balance Sheet.
24 July 2013
yes ofcourse this amount can be shown as gift and is fully exempted as per the section 56...as the gift is received from the relative as specified in the section.
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