What are the tax provisions if a person receives a cheque (Rs. 1000000 for example) from his close relative? will Rs. 10,00,000 will be added to GTI or Rs 9,50,000 and if it is charged under special rate or taxed as per slab?
Sudarshan Chandila (26 Points)
28 September 2016What are the tax provisions if a person receives a cheque (Rs. 1000000 for example) from his close relative? will Rs. 10,00,000 will be added to GTI or Rs 9,50,000 and if it is charged under special rate or taxed as per slab?
CA Raj Doshi
(Practising CA)
(8723 Points)
Replied 28 September 2016
Sudarshan Chandila
(26 Points)
Replied 28 September 2016
But Mr Raj C Doshi as per my knowledge gift received in cash or kind is taxable above the limit of Rs.50000. Please correct me.
sumit
(artical)
(39 Points)
Replied 28 September 2016
FCA surbhi jain
(FCA)
(897 Points)
Replied 28 September 2016
As per sec 56 (2) of income tax act, any sum of money or kind received from relatives is not taxable whatever the amount is.
There is no limit specified for gift from relatives. Whether its 100000 or 1000000.
I hope i have solved your query.
MUKESH SHARMA
(B.Com , MBA, CS*)
(108 Points)
Replied 10 October 2016
Agree With Raj, Sumit & Surbhi..
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