Gift
This query is : Resolved
09 June 2010
Father receives gift on his daughter's Age Attending Function from relatives & Friends in the form of cash & jewels exceeding 1500000.. How to deal with this case..?
Aditya Maheshwari
(Expert)
09 June 2010
exemption from gift is only on the occassion of mariage of the individual and not for the father. Hence the same would be taxable.
however gift received from relatives would still be exempt
For the purposes of this clause, “relative” means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).]
however gift received from relatives would still be exempt
For the purposes of this clause, “relative” means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).]
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