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gift from blood relation is taxable or not

STUDENT CS


if any body want gift from his/her blood relation rs up to 1000000/-

 

in financial year 2010-11

it is taxable or not?

suppose a son wants gift from his mother 

 
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B.COM/PCC/ARTICLE/'O'LEVEL

AS PER LAW 

 

Provided that this clause shall not apply to any sum of money received

(a) from any relative; or

(b) on the occasion of the marriage of the individual; or

(c) under a will or by way of inheritance; or

(d) in contemplation of death of the payer; or

(e) from any local authority as defined in the Explanation to clause (20) of section 10; or

(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or

(g) from any trust or institution registered under section 12AA.

Explanation.For the purposes of this clause, relative means

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi);]


 
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Dear Sunny,

The term used in the provision is "Relative" & Relative is defined as awhat friend Sudhir has listed above.

Yes, gift to a Son by his Mother will be exempt.

 
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STUDENT CS


OTHR THAN RELATIVE OR BLOOD RELATION IT IS TAXABLE ?

 
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B.COM/PCC/ARTICLE/'O'LEVEL

dear sunny now other than blood relation or relative it's situational question 

when the situation is from listed below then not taxable 

 

(a)  from any relative; or

      (b)  on the occasion of the marriage of the individual; or

      (c)  under a will or by way of inheritance; or

      (d)  in contemplation of death of the payer; or

      (e)  from any local authority as defined in the Explanation to clause (20) of section 10; or

      (f)  from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or

      (g)  from any trust or institution registered under section 12AA.

otherwise taxable

in as following definition given below

where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006

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Dear all,

My wife's own uncle want to give her a handsum amount (more than 10 lakhs) ..I have some query Please help:

1. What is the right porcedure of such gift?

2. Is that amount will be taxable?

3. Is there any limit to the amount any body can give to his relative?

As she is a house wife(have pan card) IT department may ask her the source. how she will clarify ?

 

Regards

Subhasis

 

 
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