Gift chargeable to tax or not??
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2015
If i received sum amt of chaque more than 50000 from my mother then i will be charged gift tax on my hand or not?
23 September 2015
No. You are not required to pay tax on that.
Gift from relatives has no any ceiling limit like 50,000. Mother is covered under the definition of RELATIVE.
Gift from relatives has no any ceiling limit like 50,000. Mother is covered under the definition of RELATIVE.
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