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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- Traces submitting correction statement error
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
