Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2014
gift revived from My mom's dad is taxable or not as per section 56..???????
19 February 2014
Gifts received frm relatives r exempted from Tax. and mother & father comes in list of relatives
Message likes :
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19 February 2014
yes exempted as per explaination to sec 56(1).
19 February 2014
Relative for the purpose of Section 56(2)(vii) includes any lineal ascendant or descendant of the individual.
Lineal ascendant will include mother's father.
Accordingly gift from mother's father will not be taxable.
Lineal ascendant will include mother's father.
Accordingly gift from mother's father will not be taxable.
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