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Is it right gift can be done through RTGS system

SUNNY (STUDENT CS) (377 Points)

01 July 2011

is it right to receive gift from mother by rtgs bank trf

it is possible or not ?

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5 Replies

Sunshine (Helping All) (10575 Points)
Replied 01 July 2011

i dont see a reason why it cant be done...will be in the sense of a cash gift i guess...

waiting fr others to reply..

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Vijay (Adamo Studio) (2112 Points)
Replied 01 July 2011

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions. RBI has waived its processing charges for all electronic payment products, levy of service charges by banks is left to the discretion of the respective banks No question why u cant?

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 01 July 2011

RTGS/NEFT/Net Banking Transfer, all are transfer of funds thourgh banking channel, and are to be treated at par with "crossed cheque" or "demand draft"

Mukesh Kumar Singh (CA-FINAL) (4094 Points)
Replied 01 July 2011

Originally posted by : Vijay Manwani
	The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions. RBI has waived its processing charges for all electronic payment products, levy of service charges by banks is left to the discretion of the respective banks No question why u cant?

Agreed

C.A SHASHANK GOYAL (Chartered Accountant) (362 Points)
Replied 03 July 2011

Hi everyone In my opinion only sum of money is to be received by individual of Huf as per the provision of section 56(2)(vii) , no mode of payment has been itself specified by the act , so gift can be received by any mode , and in your case since it is being received from mother , which is very well with in the ambit of relative definition no question of taxability arises , irrespective of gift amount .