Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2014
Dear Sir,
My Sister-in-law ( My Elder Brother's wife) can give me a gift of Rs. 5 lk for AY 2014 - 15, whether it is taxable or exempted.
My Sister-in-law ( My Elder Brother's wife) can give me a gift of Rs. 5 lk for AY 2014 - 15, whether it is taxable or exempted.
19 March 2014
Gift received from relatives is NOT taxable u/d 56(2)(vii).
Wife of brother is covered in the definition of relative.
Accordingly gift received from brother's wife is NOT taxable in your hands.
Wife of brother is covered in the definition of relative.
Accordingly gift received from brother's wife is NOT taxable in your hands.
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