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Shriya

Category : Exempt g..,
Solved
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...
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Amlan Dutta
Understand that merely because someone is brother and sister ( falls under relative purview) , the transfer of any asset ( cash or immovable ) cannot be automatically treated as gift ....a proper gift deed has to be executed and registered ( only when gift deed is registered does it become legally ...
AYUSH
But sir remember these transactions are Been classified as cross relative transactions if the transaction are been done to avoid tax like as you say first property transfer between a to b and a certain sum was also transferred from b to a in consideration will lead to tax implications.
Paritosh Jain

Category : Exempt g..,
Solved
I wish to gift my wife Rs 65 Lakhs through bank cheque. What all formalities need to be completed for this.
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Amlan Dutta
You can execute a gift deed by visiting a lawyer ...the deed has a certain drafting style ..it mentions the donor and donee details , the relationship , the mode of payment , the amount , the tax payment details etc (lawyer shall be able to guide on this )...Since wife falls under the definition of ...
DIVYANSH TRIPATHY

Category : Exempt g..,
Solved
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
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Samik Das
as father is a relative and as per IT Act it is not an income.
Amlan Dutta
Here son has gifted to father ...we have to check son from the purview of relative as per income tax ....since ,son falls in the definition of relative, any money received by son( relative ) is tax free i.e exempt in the hands of father ...it will not be taxable in the hands of father ...select quer...
Vikas Agarwal

Category : Exempt g..,
Solved
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.
Thanks
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Amlan Dutta
You can mention any other and write diwali gift vouchers by employer ...no need of m,entioning section 56(2) here ...
Prashant

Category : Exempt g..,
Solved
Hello Amlan,
1. In case of Marriage,
(a). Is it necessary to show the gifts received in form of : Money(cash & in digital form), jewellery ,Mobile, other items from spouse/relatives. And gift/Money received from other guests in ITR-1?
(b). Is the limit of 50,000 under section 56 applies here too?
...
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Amlan Dutta
Detailed answers as follows,


1. In case of Marriage,

(a). Is it necessary to show the gifts received in form of : Money(cash & in digital form), jewellery ,Mobile, other items from spouse/relatives. And gift/Money received from other guests in ITR-1?

This are all exempt but must be shown under exempt...