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Hello Sir,

What will be the treatment of tax if there is exchange of property/money within the relatives specified?

Suppose A gifts a land to B (A & B are Brother & Sister) and B gifts back a certain amount of money to A. This seems like a transaction however because they are 'relatives' specified und...
Paritosh Jain

I wish to gift my wife Rs 65 Lakhs through bank cheque. What all formalities need to be completed for this.

hello sir . my brother is in job and getting salary around rs 650000/ p.a, now if he transfer money to father bank account rs 30000 every month so whether father is liable to tax or not
Vikas Agarwal

Hi Amlan,
My employer gives 3300 as Diwali gift which they show in exempted income in tax slips. Is 56(2) the place to record it in ITR? If yes, I guess, I need to choose 'Any Other' option in exempted income section to report it.