Tax Liability on Gift from Sister in form of CASH

POSTED BY sanjayprajapati75 ON November 20, 2013 12:25 pm ONE COMMENT

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?

One reply on this article “Tax Liability on Gift from Sister in form of CASH”

  1. ashalanshu says:
    November 21, 2013 at 3:18 am

    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.

    Thanks

    Ashal

    Reply

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