Krishna (Advocate) (88 Points)
28 November 2009Mr. A got CASH GIFT of Rs. 2,00,000 from his brother while purchasing house property, his brother made gift deed inrespect of this CASH GIFT. These kind of CASH GIFTS from relatives constitutes violation any provisions of Income Tax Act and what are all the things to be observed while receiving these types of Gift. Please tell me the sections involved in this type of CASH GIFT transactions.
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 29 November 2009
Sec.56 of the IT act says any gift recieved other than on the occasions listed in the said section in excess of Rs.50,000 shall be taxable as Income From Other Sources.... infact from oct. 09, it is also applicable in respect of immovable and other property...
And let me point out here that, their is no violation of any provision fo income tax act. The law just says that if it exceeds the prescribed amount, it shall be taxable..
As for that purpose, violation can be said if amount exceeding Rs.20000/- for giving loan purposes is done. as it is restricted by Sec.269SS/T.........!!!!
Krutesh Patel
(ACA)
(727 Points)
Replied 29 November 2009
You will not have any tax liability because it is gift given by relative.
@chanchal
(CA final student)
(55 Points)
Replied 29 November 2009
| Originally posted by :Murali | ||
| " | " | |
hey plzz tell me if any cash gift recd from mother suppose 250000 and from such cash assessee(ie major unmarried daughter) purchses fdr"s... whether intt income on such fdr taxable for transfree or transfror..
Harshal
(Article Assistant )
(182 Points)
Replied 30 November 2009
Here gift is received from a relative and hence in no point its taxability arises...
regarding ur 2nd querry and amount recieved as gift and the same is invested in FDs and interest earned is taxable to the transferree and not to the transferror (unless and untill nexus is proved....)
CAclubindia
