Gift
This query is : Open
04 July 2020
I received a cash gift of rs 50000 from my grandmother in law without marriage occasion...is it exempt??
04 July 2020
According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable.
04 July 2020
Grand mother in law is not covered under the definition of relative however, any amount received upto Rs 50000 as gift is not taxable
04 July 2020
But according to sec 56(2)(vii) grandmother in law is also covered under the definition of relative.
08 July 2020
Grandmother in law is covered. hence gift is exempt without any limit. although gift of 50k (in FY) is anyways exempt.
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