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
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;
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