income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2011 can we accept Rs 100000 cash as a gift from relative?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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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

Ratan Sharma

Ratan Sharma (Expert)
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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.

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