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Gift receipt

This query is : Resolved 
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(Querist)
12 November 2014 I HAVE RECEIVED RS 15 LAKHS AS GIFT IN CASH FROM MY BROTHER SISTER AND HUF CONCERN AS TO ENCOURAGE ME TO COMMENCE BUSINESS WHETHER IT IS TAXABLE IN MY HAND IF NOT WHAT ARE PRECAUTION I SHOULD TAKE TO PROVE BEFORE IT AUTHORITIES
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Amol S Joglekar

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Amol S Joglekar (Expert)
12 November 2014 Gift from relative is NOT taxable..refer income tax section 56(2)(vii)along with meaning of relative.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
12 November 2014 Gift received from relative is not taxable, as you have received gift from relative only it is tax free.

Execute Gift Deed for the same, it will be enough to prove that you have received it as a gift only.

Thanks.
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