Gift received from relative
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 January 2016
What is the tax applicability if gift received from sister or daughter in cheque?? Also tell the maximum amount of this kind of gift.
14 January 2016
Dear
no limit on the gift received from the relative under income tax act.
And sister and daughter both are covered under the definition of relative.
Hence non taxable.
no limit on the gift received from the relative under income tax act.
And sister and daughter both are covered under the definition of relative.
Hence non taxable.
14 January 2016
Gifts received from a relative, as defined u/s 2(41), is not taxable. As per provisions of that section, relatives includes sister and daughter (any lineal ascendant or descendant) of the individual.
14 January 2016
Gift tax not applicable, there is no limit specified in Act.
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