Gift

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Shruti Jain (Querist)
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24 November 2009 Can a married daughter take tax free gift from her mother? if a married daughter gets a sum of Rs 1 lakh(i.e. more than Rs 50,000)from her mother, is it taxable?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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24 November 2009 its not taxable

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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24 November 2009 Gifts Exempted from Tax

Gifts are exempted from India gift tax in the following cases:

* The gift was given by a blood relative, irrespective of the gift value.

* Immovable properties located outside the country.

* Movable properties outside the country, unless the donor â€“
o Individual:is an Indian citizen, who is originally a resident of India, or
o No-individualis resident of India during the year of gift
* Out of balance gift by NRI (Non-Resident Indian) in his Non-resident account.
* Foreign currency gift of convertible foreign exchange, remitted from overseas by an NRI to a resident relative.
* Foreign exchange asset gifted by NRI to his/her relatives.
* Special Bearer Bonds, 1991.
* Saving certificates issued by the Central Government (notified as exempted).
* Capital Investment Bonds up to Rs. 10,00,000 per year.
* Relief Bonds gifts by an original subscriber.
* Gifts of Certain bonds from the NRI to his/her relatives, which are subscribed in foreign currency (specified by the Central Government).
* Gift to government or any local authority.
* Gifts to any charitable institutions.
* Gifts to notified temples, churches, mosques, gurudwaras and other places of worship.
* Gift to children for educational purpose (Reasonable amount).
* Gifts by an employer to its employees in the form of bonus, gratuity or pension.
* Gifts under will.
* Gifts in contemplation of death.