Gift for taxable or exempted
Kollipara Sundaraiah (B.com) (2963 Points)
13 February 20211.cash gift from father Rs:2 lacs through on bank mode Dt:20-10-20.
2.cash gift from mother Rs:2 lacs through on bank mode Dt:21-12-20.
3.cash gift from father Rs:3 lacs through on bank mode Dt:06-01-21.
4.cash gift from mother Rs:3 lacs through on bank mode Dt:07-2-21.
question:
1.Assess above gift transaction taxable or exempted in I t.act.
2.sec 68 applicable in I.t. act.