gift in cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 March 2011
1)whether gift received in cash rs. 150000 on marriage from cousin brother is taxable or not??
2)above question without marriage??
can cash be given in gift or cheque is compulsory??
1)whether gift received in cash rs. 150000 on marriage from cousin brother is taxable or not??
2)above question without marriage??
can cash be given in gift or cheque is compulsory??
24 March 2011
1) Exempt.
2) Taxable.
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)
2) Taxable.
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)
Message likes :
1 times
24 March 2011
Also see below link for details--
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp
CA.ViVeK M ACA
(Expert)
24 March 2011
Gift transaction in between relative will be exempted and Those with Non relative will be chargeable to tax...
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