Exemption of gift from daughter to mother
This query is : Resolved
13 October 2018
Can mother can take gift from daughter without any tax
Dilip
Dilip
14 October 2018
Yes gift to relative exempt from tax.
14 October 2018
YES UNDER INCOME TAX ACT THE GIFTS FROM RELATIVES ARE FULLY EXEMPT FROM TAX
AND MOTHER DAUGHTER RELATION FALLS WITHIN DEFINITION OF RELATIVES AS PER INCOME TAX ACT
AND MOTHER DAUGHTER RELATION FALLS WITHIN DEFINITION OF RELATIVES AS PER INCOME TAX ACT
14 October 2018
Thanks sirji for your reply
14 October 2018
Yes gift to relative is exempted falls under definition of relative
As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. 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).
In case of a Hindu undivided family, any member thereof;
As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. 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).
In case of a Hindu undivided family, any member thereof;
15 October 2018
Thanks alot for your guidance Sir
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