if a person wants to transfer sum of money to his brother by an account pay cheque without adequate consideration, what would be the tax liability in both cases. also give information regarding any doumentry evidence required before filing of income tax return for the same.
7 Replies
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 16 October 2013
Gifts received from any relative, as defined under the Act, is not taxable.
In case of gift of money received from a relative, it is advisable to have gift deed/letter of understanding exchanged and kept in records by the recipient of the gift for future reference.
Hence, it is prudent to maintain documentary evidence in respect of the gifts received, to avoid any dispute with tax authorities at a later stage.
Mihir
(Wealth Manager)
(5293 Points)
Replied 17 October 2013
Keep documentary evidence of the gift on record should the ITO asks for clarifications.
vivek
(student)
(26 Points)
Replied 17 October 2013
Should we have to take documentary evidence from bank??
Mihir
(CA FINAL)
(28 Points)
Replied 17 October 2013
Hey .. plz give me the list of relatives to whom the gift is exempt
UMESH
(ACCOUNTANT)
(39 Points)
Replied 24 October 2013
Blood relation u cann't take cash in the sense of Gift
UMESH
(ACCOUNTANT)
(39 Points)
Replied 24 October 2013
Plz anybody can help me for i have filed on 28.7.12 for AY 2012-13 still not refund. I called to CPC B'lore told me its processing how can i take action.
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 24 October 2013
Following are considered as relatives(in case of individual) under income tax act::
1) spouse of individual -----husband/wife
2)brother / sister of individual
3)brother/ sister of spouse of individual -----brother in law/sister in law
4)brother/ sister of either of parents of indiviual -----chacha/mama/bua/maasi
5) lineal ascendents/descendents of individual -----daada/daadi/naana/ naani
6)lineal ascendents/descendents of spouse of individual
7) spouse of persons mentioned abv(1---6)
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