income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2011
can we accept Rs 100000 cash as a gift from relative?
20 January 2011
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts
20 January 2011
Yes you can accept. It is exempt from tax. Prepare the gift deed and also pass the necessary entries. It is the resposibility of the assessee to prove that the donor has the capability to give the gift, otherwise the gift will be added to the income of assessee 68/69.
20 January 2011
yes you can receive the same.
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