CAN A PERSON TAKE GIFT FROM GRAND MOTHER IN CASH OF RS 200000 AND IS THE SAME SHOULD SHOWN IN ITR UNDER EXEMPTED INCOME..
ITO CAN ASK SOURCE OF INCOME OF MY GRAND MOTHER?
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 05 April 2018
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 05 April 2018
Avinash Kumar
(CA-Final Students)
(192 Points)
Replied 05 April 2018
tripti
(ca article)
(209 Points)
Replied 05 April 2018
Yes you can receive the gift from your grandmother but gift deed is must.
Shrinivas (CA, LLB, CISA)
(CA)
(182 Points)
Replied 05 April 2018
You may receive gift from your Grandmother, is tax exempt, which the IT authorities have no right to question or tax.
However, they do have the right to question and find out the source of your Grandmother's income, which she has given you as gift.
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