HELLO FRIENDS, CAN ANYBODY TELL ME IF A CHILD GIVES THE GIFT IN CASH TO HIS PARENTS
THEN ALSO IT IS EXEMPTED.
PLS. HELP ME.
THANKS.
Phalgun
(Audit Manager)
(327 Points)
Replied 25 March 2012
In the context of law any gift received from a relative is exempt from law. For your info read the definition of relative as below :
relative” means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);]
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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