Gift

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C.A. HIREN (Querist)
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13 January 2012 If any person received gift from his brother staying abroad say Rs.5,00,000/- then its taxable ya exempt.?

If not exemp, then a person staying abroad can send money in his brother's account for dependent parents?????

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 January 2012 Gift received from brother is exempt from TAX as Gift Received from relatives are exempt from Tax..

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(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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C.A. HIREN

C.A. HIREN (Querist)
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13 January 2012 but sir, limit of Rs. 50000/- is applicable?? ya unlimited amount????

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 January 2012 No limit for gifts from relatives. In case of others limit is Rs 50000/-.
Further in case gift is received on occasion of marraige, will be exempt from TAX whether received from relatives or non-relatives.

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