Gift from a relative
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2010
Is there any limit to receive a gift from a relative?
Aditya Maheshwari
(Expert)
29 November 2010
no
29 November 2010
Gift from relative is exempt from Tax. No limit in case of Cash Gift.
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)
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For more details see file from above link.
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)
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For more details see file from above link.
Aditya Maheshwari
(Expert)
29 November 2010
There is No limit in case of non Cash Gift also from a relative.
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