Exemption of gift from income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2015
Is cash gift receved from by a person from her deceased / dead spouse's parents exempt from income tax ?
Can she accept gift from them meant for her children into her bank account? gift deed in name of children but cheque in name of mother.Will this also be exempt income of minor?
Can she accept gift from them meant for her children into her bank account? gift deed in name of children but cheque in name of mother.Will this also be exempt income of minor?
CA R SEETHARAMAN
(Expert)
27 January 2015
All such gifts are exempt from tax. Income earned from such gifts in the name of minor children will be clubbed with mother's income.
Rupesh Jain
(Expert)
27 January 2015
yes it is relative and gift is exempt in hand of recipient.
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