- Manoj, Anita & Aman can take gift from Yogendra and Manju. Show gift amount in ITR.
For detailed discussion, you may opt for phone consultation.
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 years ago in Income Tax
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.
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Thank you.
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
Manoj,Aman,Anita,Sneha need to receive from Yogendra/Manju/Sipra. You have answered the otherway round. Please revise
Asked 2 years ago
The impact will remain same since gift rulws are covered by relationships
So you can replace name of brother, spouse and chil name
You have done a great job amongst all responses I have received. Request you to specify in following format so no confusion: 1.)Manoj can receive from Yogendra/Manju/Sipra (Please delete the wrong option) 2.)Aman Can receive from Yogendra/Manju/Sipra (Please delete the wrong option) 3.)Anita can receive from Yogendra/Manju/Sipra (Please delete the wrong option) 4.)Sneha can receive from Yogendra/Manju/Sipra (Please delete the wrong option)
Asked 2 years ago
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
Manoj, Anita, Aman & Sneha can not take gift from Sipra
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
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