gift transactions notice issued.

[Sundaraiah kollipara]

SIR,

is deptt issuing notices on cash gift transactions between relatives exceeding a certain amount. for AY 2025-26 or 2026-27

[FCA Adv amit aggarwal]

deptt can do. Issuing a notice depends on risk management cell of income tax deptt forward a query to concerned assessing officer.

if you made a cash gift from relatives (if relatives covers as per sec 56(2)(x) of income tax Act 1961)- it is fully exempt

 

AI Summary

Cash gifts from relatives may be exempt, while notice issuance depends on income tax risk management review. Cash gifts received from relatives may be fully exempt where the relatives fall within the scope referred to in section 56(2)(x) of the Income-tax Act, 1961. The department may issue notices on cash gift transactions, and the issue of notice depends on the Income-tax Department's risk management process, with queries forwarded to the concerned Assessing Officer.