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Income Tax: Should I disclose cash gift from father exceeding Rs.20 lakhs when assessing tax below Rs.3 lakhs?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Aug 10, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Aug 09, 2024Hindi

Money

Sir, It assessess taxable income below rs:3 lacs and cash Gift from father rs:20 lacs amount through on bank channel f.y.23-24 Question: Assessess itr returns filed mandatory 2.cash Gift from family members how many times gift received one finical year allowed in it act

Ans: Yes return needs to be filed
No limit on gift received from relatives as per the income tax definition , but make sure the money received as gift is tax paid money by the person who is transferring it to you

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, it assessess cash Gift from family like father rs:10 lacs dt:10-4-24 after cash Gift from father rs:5 lacs dt:20-06-24 through on bank channel. Question: Assessess cash Gift from family members how many times one finical year allowed in it act.

Ans: 01. Gift from father of Rs.5,00 lakh, through a banking channel is no problem. It is not taxable in the hands of donee.
02. Gift in cash from father is also not taxable, but such entries are always subject to controversy. You should avoid making a Cash Gift & instead go for Gift by banking channels or Property or Shares etc.
Most welcome for any further clarifications. Thanks.

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Sir, income tax payer cash gift from relatives how many times allowed one fincial year of income tax act purpose

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