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Gift

Hens (abc) (81 Points)

21 September 2014

If A receives gift by cheque from his father of rupees 60000 then will it be taxable to A ????

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6 Replies

shiwani vaishnav singh (Sr. Accountant) (32 Points)
Replied 21 September 2014

No,gifts receive from blood relation are always exempt.

CA Dhanesh Jangid (CA) (105 Points)
Replied 22 September 2014

father is covered undet definition of relative as provided in section 56, and Gift from relative is not taxable.

Mihir (Wealth Manager) (5293 Points)
Replied 22 September 2014

No, no tax liability for Mr. A.

Zarra.Belal.Nomani (CS Final B.com CA Final.) (167 Points)
Replied 22 September 2014

what if mr a receives immovable property ie piece of land from his relative ?????

s.harsha vardhan (articles) (49 Points)
Replied 22 September 2014

Is there any limit to give the gift

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 23 September 2014

In case of gift from non relative, it is exempt if it does not exceed Rs. 50000. In case of relative no limit. All amount received is exempt. Definition if relative is as mentioned u/s 56(2)(vii).

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