GIFT TRANSACTIONS IN F.Y.20-21

This query is : Resolved

kollipara sundaraiah (Querist)
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05 August 2021 SIR,
It assess cash gift transactions mentioned below in f.y.20-21 through on cash mode.
1.Cash gift from father rs:2 lacs through on cash mode.
2.Cash gift from friend rs:2 lacs through on cash mode.
Query:
Assess cash gift transactions cash mode treated show procedure in it returns and penality applicable in it act.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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05 August 2021 1) No violation of 269ST if gift from father is less than 2 lacs (if equal to or more than 2 lacs penalty would apply). Gift from father to child not taxable.
2) No penalty if <2 lacs. Gift from friend is taxable.