Tax effect of taking gift from ralative in cheque

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Vraj Shah (Querist)
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15 March 2015 Kindly guide me; which aspects should take into consideration; when "Assessee takes Rs.900000 cheque as a gift from Real Uncle (Relative). Which type of Terms & Conditions are most Beneficial & with Satisfaction Of OPTIMUM Legal Provisionings of The Income Tax Act,1961 & The Gift -Tax Act,1958" Project for Earliest Privilege of Advice.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 March 2015 Gift from relative is exempted under income tax. Gift tax Act is repealed.
Get a confirmation letter from your uncle mentioning his PAN No. and cheque No. confirming the gift.

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