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Querist : Anonymous (Querist)

15 May 2012 what relation can take gift,limit for cash gift

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 May 2012 ‘Relative’ means : ‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (ii) to (vi).

(h)In case of an HUF its members.
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There is no limit for gifts from Relatives. It is not taxable.
.
Gifts received from Non-Relatives above Rs. 50000/- in cash/cheque is taxable.
.
For more details, please refer Section 56 of the Income Tax Act.

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