CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Gift


I received a cash gift of rs 50000 from my grandmother in law without marriage occasion...is it exempt??


According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable.

Grand mother in law is not covered under the definition of relative however, any amount received upto Rs 50000 as gift is not taxable

But according to sec 56(2)(vii) grandmother in law is also covered under the definition of relative.

Grandmother in law is covered. hence gift is exempt without any limit. although gift of 50k (in FY) is anyways exempt.


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
GST Live Class    |    x