Exempted gifts

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2013 I have taken now gift of 2 lakhs from my uncle ( Younger brother of my father).

Further my wife has taken gift from my
younger brother of rs 3 lakhs.

are both the gifts will be tax free.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 September 2013 Yes. as long as gift is received from persons covered under the definition of relative, it is not taxable in the hands of the recipient.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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22 September 2013 Yes, Gift whether in Cash or in Kind from relatives defined under the IT Act,1961 is exempt from tax...

Your Uncle and your Brother come under the purview of the relatives...

Guest

Guest (Expert)

22 September 2013 Yes these gifts are totally exempted.

but

you should have an evidence in advance that your uncle and your younger brother are having capacity and fund in books to give gift....

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