Gift Income

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DIXIT VERMA (Querist)
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23 October 2008 Hi Friends...
If i receice a gift in cash from spouse of brother/sister of parents, is it exempt or taxable? If exempt, then upto what limit is it exempt?

What formalities do i have to fulfill to show that amount as gift (like any affidavit or any thing like that & what will be the text of that affidavit)?
Plz reply...

Thanx...

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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23 October 2008 Yes.Exempted without any limit

SANJAY VERMA

SANJAY VERMA (Expert)
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23 October 2008 It is not taxable.The person giving gift have to make a gift deed on stamp paper citing the reason of giving gift(i.e, natural love and affection)you can get the text in any book of deeds and agreement.

Reetika Goel

Reetika Goel (Expert)
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23 October 2008 Any gift from blood relation out of natural love and affection is exempt from Taxation.

However to fulfill legal requirements the person giving you gift will have to make a gift deed on Rs. 100 stamp paper in your favour certifying that he have given the said money/asset to you out of natural love and affection.

Text of gift deed can be refered from any book or notary.

DIXIT VERMA

DIXIT VERMA (Querist)
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24 October 2008 What if the gift received is in kind?
Will the gift received from Grand parents will also b exempt or taxable???

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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25 October 2008 1)Gift in kind is not covered at all.

2)Yes.

DIXIT VERMA

DIXIT VERMA (Querist)
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26 October 2008 What yes???
exempt or taxable???

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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28 October 2008 cash gift from grand parents is not taxable.

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