Question ID :
40904
Cash gift from Relatives
An asessee has taken Rs 2 Lacs cash gift from his wife and two lacs cash gift from fhis daughter without executing Gift deed during 2019-20
whether he can face problem from Income tax deptt
Posted by
Mahesh Kumar
on
Nov 27, 2020
Filed Under
DIRECT TAXES
Equal amount of penalty under section 271DA attracts to the recipient.
Posted by
B.CHACKRAPANI WARRIER on
Dec 08, 2020
Answer ID :
80842
Yes , he can only receive up to Rs 20000/- from a single person
Posted by
CA. BISHT RAKESH on
Dec 15, 2020
Answer ID :
81078
Department may do inquire, but you need to present and prove the genuineness of the Gift.
Post elaborated case background to provide much more accurate answer.
Posted by
Pratik Kikani on
Apr 26, 2021