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money received From Mother
Amount received From Mother 3 lakh how should i show them in return as a loan or as a gift... Which is beneficial for me
Replies (3)
Dear Sir,
If the amount is gift recieved from mother the ln same will get exempt from tax
as Mother is treated as relative under Income tax act and gift recieved from any relative is exempt in the hand of receipient
If the amount is gift recieved from mother the ln same will get exempt from tax
as Mother is treated as relative under Income tax act and gift recieved from any relative is exempt in the hand of receipient
gift received from any relatives is exempt from tax. kindly show it in schedule EI
I agree with Vakshali jain
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