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Gift received from relative

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Querist : Anonymous

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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.
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Ankur Singhal

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Ankur Singhal (Expert)
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.
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
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.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
14 January 2016 Gift tax not applicable, there is no limit specified in Act.
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