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Question ID : 44555

082701

A married Lady wants to gift 1 crore to brother of his father Will this raise questions from Income tax department

Posted by Mahesh Kumar on Sep 28, 2023

Filed Under DIRECT TAXES

Answer ID : 85169

She will have to prove source of funds to the Income Tax Department.

Posted by CA Ravish Thakur on Oct 03, 2023
Answer ID : 85175

YES YOU MIGHT GET NOTICE FROM INCOME TAX DEPARTMENT ASKING TO EXPLAIN SOURCE OF INCOME OF GIFT

Posted by CA Shrawan Suthar on Oct 12, 2023
Answer ID : 85189

As per Section 56(2)(VII) of Income Tax Act 1961, tax Incidence should not arise but Income Tax Department may ask for source of Gift in the hands of doner. Further don't forget to disclose gift as exempt income while filing Income Tax Return.

Posted by Ankit Vijaywargiya on Oct 14, 2023