NRI’s Rs 3 crore gift to mom genuine, not taxable: Tribunal
The Mumbai ITAT ruled in favor of a taxpayer who received a ₹3 crore gift from her NRI son. The I-T department questioned the gift's legitimacy, alleging a circular trading transaction, but the tribunal upheld the gift's validity due to the son's proven financial capacity and dismissed the circular trading claim.
The Mumbai ITAT ruled in favor of a taxpayer who received a ₹3 crore gift from her NRI son. The I-T department questioned the gift's legitimacy, alleging a circular trading transaction, but the tribunal upheld the gift's validity due to the son's proven financial capacity and dismissed the circular trading claim. What's Your Reaction?
