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Gift received from grandfather sister

Vikash Shah (Accountant) (28 Points)

03 September 2015

Whether gift received from Grandfather sister is taxable or not.

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9 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 03 September 2015

It is taxable as she is not a relative within the definition.

Piyush Tanwar (Assistant Manager - Accounts) (1432 Points)
Replied 03 September 2015

Agree with Poornima

kamaljeet (student) (76 Points)
Replied 03 September 2015

Gift received upto rs 50000 is not taxable u/s 56

Sarika Goswami (Student CA Final ) (28 Points)
Replied 03 September 2015

I also agree with Poornima and Kamal Jeet upto 50000 is exempt

Manjunath (Accounts and Finance Associate) (21 Points)
Replied 03 September 2015

If gift is received on the occasion of marriage its exempted

naveen (article) (21 Points)
Replied 03 September 2015

Yes, ..Gift received from relative and gift received on occassion of marriage n death is exempt

sankar (student) (48 Points)
Replied 03 September 2015

Grand father sister is not covered under the relative as per income tax even though amount received from non relative is exempted up to Rs 50000 /- Any amount receved on the occation of marrage is fully exempted from tax

Naveen sharma (student) (47 Points)
Replied 04 September 2015

Gift is defined u/s 56(2).....relative is defined u/s 2(31)....Only lineal ascendends are included i.e mother father....Grand father is excluded from d definition of relative.... so it is taxable...but it will be exempt if aggregate amount of gift received during the yr from non relative is upto 50000...if gift is received on the occasion of marriage it is fully exempt.