November 20, 2013 12:25 pm
Sir, I am a govt. employee.
If my sister gives me a gift of Rs. 15,00,000/- and if I am depositing it into a bank then who should pay the tax and how?
Dear Sanjay, why is she not gifting it through Cheque. If tomorrow Taxmen knock your and her door, can both of you prove that the amount is legal? As such there is no Tax liability on merely depositing cash in one’s bank account.
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