25 October 2014
I have received Rs.2 lacs as gift from my grandparents? Is it taxable? Further if I have realised any income out of this gift income received, is that income taxable?
25 October 2014
Not taxable since 'grand parents' comes under 'any lineal ascendant'(exempted persons, among others, from whom gift ca be received as tax free).
However,income generated from such gifts is taxable in the hands of the donee.
CAclubindia
