• Gift by means of bank transfer

-Manoj & Yogendra are real brothers
-Aman is Manoj's son
-Anita is Manoj's wife
-Sneha is Aman's wife
-Manju is Yogendra's wife
-Sipra is Yogendra's daughter
-What are the various combinations permitted for Manoj,Aman,Anita & Sneha to receive Tax exempt gift from Yogendra,Manju,Sipra
-Is it ok if tax exempt gift not shown in ITR on both sides?
Asked 2 months ago in Income Tax

- Manoj, Anita & Aman can take gift from Yogendra and Manju. Show gift amount in ITR.

 

For detailed discussion, you may opt for phone consultation.

Vivek Kumar Arora
CA, Delhi
4556 Answers
681 Consultations

5.0 on 5.0

This is a very complicated question and need detailed discussion and although some gift would be exempt it can still attract clubbing hence need to discuss each relationship separately.

 

As far as disclosing gift in ITR is concerned, nowhere is it mandatory to show such gift in ITR on both side.

 

Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
4108 Answers
76 Consultations

5.0 on 5.0

In following cases you can show gift free of taxation from yogendra, manju and sipra

 

- Yogendra can receive tax free gift from Manoj, Anita, Aman & Sneha

- Manju can receive tax free gift from Manoj &  Anita

- Sipra can not receive tax free gift from any of them

Vishrut Rajesh Shah
CA, Ahmedabad
857 Answers
34 Consultations

5.0 on 5.0

The impact will remain same since gift rulws are covered by relationships

 

So you can replace name of brother, spouse and chil name 

Vishrut Rajesh Shah
CA, Ahmedabad
857 Answers
34 Consultations

5.0 on 5.0

Please find final answers

1.)Manoj can receive from Yogendra/Manju/Sipra 

2.)Aman Can not receive from Yogendra/Manju/Sipara

3.)Anita can receive from Yogendra/Manju

4.)Sneha can not receive from Yogendra/Manju/Sipra

 

Vishrut Rajesh Shah
CA, Ahmedabad
857 Answers
34 Consultations

5.0 on 5.0

Manoj, Anita, Aman & Sneha can not take gift from Sipra 

Vivek Kumar Arora
CA, Delhi
4556 Answers
681 Consultations

5.0 on 5.0

1.)Manoj can receive from Yogendra/Manju

2.)Aman Can not receive from Yogendra/Manju/Sipara

3.)Anita can receive from Yogendra/Manju

4.)Sneha can not receive from Yogendra/Manju/Sipra

Prerna Peshori
CA, Pune
117 Answers
1 Consultation

5.0 on 5.0

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