Gift

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yash jain (Querist)
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04 July 2020 I received a cash gift of rs 50000 from my grandmother in law without marriage occasion...is it exempt??

CA. Aditya Goel (Expert)
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04 July 2020 According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable.

CA Akshay Jangid (Expert)
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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

yash jain (Querist)
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04 July 2020 But according to sec 56(2)(vii) grandmother in law is also covered under the definition of relative.

CA. Aditya Goel (Expert)
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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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