pls tel me when do gift tax is attracted, one of my client is getting cheque of Rs 250000 fro his brother wheather gift tax is attracted. she is receiving in 2011-12.
from whom u can accept cash without consideration & gift tax is not attracted
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Gift tax
Replies (3)
Gift from a Relative is exempt. As gift is being received from brother, no gift tax
Looking at the section 68, it is advisable to have a certain documentary proof of gift received from a relative even if it is tax-free.
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(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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