If brother gives cash to sister from his savings as a part of family settlement then is this amount (over 1 crore) taxable under income tax for the sister?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176622 Points)
Replied 20 January 2023
The transfer should be through any banking channel to be tax free.
Otherwise, penalty under sec. 269ST of IT act will be applicable.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
