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Cash Gift Tax Notices: Can Relatives Escape the Sting?

Yogendra Arora |34 Answers |Ask -Follow

Tax Expert - Answered on Mar 27, 2025

Yogendra Arora is the founder of Y Arora Associates And Chartered Accountants, a tax consultancy firm based out of Kanpur.
He has over 11 years of experience in auditing and consultancy.
Before starting his own consultancy, Yogendra, a commerce graduate from CSJM University, Kanpur, worked with ICICI Bank and Indusind Bank as credit manager between 2013 and 2018.... more

Asked by Anonymous - Mar 27, 2025Hindi

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sir,itdeptt issuing notices on cash gift transactions between relatives exceeding a certain amount. for AY 2025-26 or 2026-27

Ans: Hi,
Your question is not clear.
Thanks

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.
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Sir, It assessess cash Gift from family members (father ,mother , brother, sister)how many times allowed one finical year in it act

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Sir, It assessess cash Gift from specified relatives exempt under new tax regime or not.

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Asked by Anonymous - Jan 10, 2025Hindi

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Sir, It assessess annual income below rs:5 lacs senior citizen person cash gift to grandson rs:1 crores amount through on bank mode f.y.24-25 Question: Sec 68 provision applicable for it act

Ans: Grandfather can gift any amount to his grandson, which shall not be taxable in the hands of grandson. As suggested Gifted amount should only be through banking channels.
IT Department can demand an explanation (u/s 68) from the grandson & he needs to explain this entry, to the satisfaction of assessing officer.
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i have 200 shares of Jindal Vijayanagar steel in 1995 that is change to JWS how many new shares i have now

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Sir MNNIT allahabad ECE vs IIIT Allahabad ITBI vs NIT kurukshetra CSE vs NIT Surat CSE vs IIIT Gwalior CSE vs IIIT lucknow CSAI/CSE vs IIIT Allahabad ECE, Please help! What should I pick if ? I am from UP and very confused between choice filling of these colleges.

Ans: Hello Anurag
Here is the preference order: (1) CSE @ Surat (2) CSAI @ IIIT Allahabad (3) CSE @ Gwalior (4) CSE @ Lucknow (5) ECE @ IIIT Allahabad. Drop other options.
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Respected Sir/ Madam, I have a 25k rank in jee mains and 15k rank in jee advanced and 700 rank in kcet. I am interested in doing computer science/ece/electrical engineering and I am considering 1. RVCE cse 2. VIT vellore cse 3. Lower nits 4. IIITs (where I am eligible). However my family is advising me to take iit civil/mechanical (at middle/lower iits)and parallely do online bsc in cs from iit madras. Please advice.

Ans: Hello Dilav
It is not clear why your family is advising you on Civil/Mechanical. If they are in the same business or have industry-based work, then their suggestion is correct. But if not, then, talk with them about your interest very clearly. If your inclination is towards CSE, then go with either RVCE or IIIT/NITs. Drop the idea of doing online CS @ B.Sc. from IIT Madras.
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My jee main rank CRL 1990. EWS. 169 JEE ADV. CRL 7800 EWS 912 City ahmedabad IIT Roorkee energy vs Trichy cse vs gandhinagar electrical vs jodhpur electronics vs kharagpur chemical vs Bombay metallurgy vs delhi material vs gandhinagar chemical / mechanical vs hyderabad chemical vs madras metallurgy vs patna ece vs jammu cse vs goa MNC vs mandi electrical Vs DAIICT ICT With CS vs kanpur material

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Your interest matters more. (1) DAIICT with CS @ Mandi (2) CSE @ Trichy (3) Chemical @ Kharagpur (4) Electrical @ Mandi (5) Material @ Kanpur (6) Mettalurgy @ Bombay. The final choice will be yours.
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My jee main rank CRL 1990. EWS. 169 JEE ADV. CRL 7800 EWS 912 City ahmedabad IIT Roorkee energy vs Trichy cse vs gandhinagar electrical vs jodhpur electronics vs kharagpur chemical vs Bombay metallurgy vs delhi material vs gandhinagar chemical / mechanical vs hyderabad chemical vs madras metallurgy vs patna ece vs jammu cse vs goa MNC vs mandi electrical vs DAIICT ICT with CS vs kanpur Material

Ans: Hello Bhavya
Your interest matters more. (1) DAIICT with CS @ Mandi (2) CSE @ Trichy (3) Chemical @ Kharagpur (4) Electrical @ Mandi (5) Material @ Kanpur (6) Mettalurgy @ Bombay. The final choice will be yours.
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Give respect to your choice of branch and interest. Bhilai is also an old establishment. Without any hesitation, prefer ECE @ IIT Bhilai to convert your dreams into reality. Till you complete, the IIT Bhilai will again become old by 4 years....!
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Sir iam getting 426 marks in neet 2025 iam from andhrapradesh svu region any chance of getting mbbs seat

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Chances are moderate to slim. Yet keep hopes alive.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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