Gift
This query is : Resolved
29 November 2010
My brother inlaw is residing in aborad. How much amount I shall accept from him, so gift tax is not attract to me. If I take more than the limit How much tax liablity arise
29 November 2010
Gift from relative is exempt from Tax. No limit in case of Gift.
Brother or sister of the spouse of the individual falls under Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961.
Brother or sister of the spouse of the individual falls under Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961.
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