HARD CASH GIFT
This query is : Resolved
02 August 2020
HOW MUCH AMOUNT IS EXEMPTED FOR GIFTING HARD CASH TO HUSBAND AND FROM SON TO FATHER IN INDIA
02 August 2020
Full Amount. No Tax on the gift to a relative by virtue of proviso to Sec 56(2)(x) of Income Tax Act.
Message likes :
2 times
03 August 2020
I got a reply that 2 lakhs is max and penalty for the full amount if>2,00,000/-.
do I prepare any gift deed documents?
do I prepare any gift deed documents?
03 August 2020
It is better to keep proper documentation.
04 August 2020
Although the gift from Spouse & Son is not taxable, receipt of cash gift of Rs 2 lakhs or more is prohibited under section 269ST.
Message likes :
1 times
09 August 2020
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=
09 August 2020
https://taxguru.in/income-tax/tax-gifts-india.html
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
