It assessess cash Gift from brother rs:15 lacs through on bank channel after same date assessess cash Gift to brothers wife amount rs:5 lacs through on bank channel
Question:
Above Cross Gift transaction taxability or exempt and sec 64 provision applicable
Section 64 of the Income Tax Act deals with clubbing of income, applicable in the case of spouse and minor children. Since this doesn’t apply to your case, clubbing provisions aren’t relevant.
In your case the amount received and given are to the individuals who fall under the definition of relatives as per Sec 56 (Taxation on gift income). Therefore as per the provisions these amounts are not taxable.
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