SIR,
it assess cash gift received from family members in f.y.20-21
1.Cash gift from mother rs: 1 lacs through on cash mode
2. Cash gift from father rs:1,50,000/- through on cash mode
3. Cash gift from brother rs:1,50,000/- through on cash mode
Question:
Assess above all gift transactions amounts taxable or exempted in it act.
Gifts from relatives are exempt though received in the form of cash in the above example. The exemption is covered U/s 56 of Income Tax Act.
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