Gifts from Relatives not taxable.

No it Will Not be Taxable in hands of receiver. [Section 56(2)(vi)]

Gift Received From Relative is Completely Exempted

GIFT FROM RELATIVE IS NOT TAXABLE

RELATIVE MEANS

Here the “relatives” term defines by the Income Tax act as follows :

• Spouse of the individual
• Brother or sister of the individual
• Brother or sister of the spouse of the individual
• Brother or sister of either of the parents of the individual
• Any lineal ascendant or descendant of the individual
• Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).

GRAND FATHER WAS INCLUDED IN THIS LIST

No Gift from Relatives are exempt......

so it will not be taxable...............

Originally posted by : Komal Sharma
	No Gift from Relatives are exempt...... so it will not be taxable...............

Is gift received in cash is also exempted from tax..

It wont be taxed in the hands of the receiver

Originally posted by : Mudit
	Originally posted by : Komal Sharma No Gift from Relatives are exempt...... so it will not be taxable............... Is gift received in cash is also exempted from tax..

Yes upto Rs.50,000/-
 

exempted upto Rs 50000/-

In my understanding, gift from relative , whatever is the amount, is exempt from taxation if the amount is received without consideration.

Regards,

According to Sec 56 (2) (vii) introduced on 01.10.2019

it will be exepmted from tax..........

for that, gift deed is neccesary .

Any gift received from relative not taxable on the hands of assesee.........

gift received from grand father is deemed to be received from lineal ascedent and it is exempt from income from other sources