Gift tax
This query is : Resolved
15 May 2013
Respected Sir,
Pls let me know that under Income Tax Act, if an Individual Gifts cash in excess of Rs.50000/- to his/her father's brother/sister then would this be considered as tax free in receiver hands?
Regards
Pls let me know that under Income Tax Act, if an Individual Gifts cash in excess of Rs.50000/- to his/her father's brother/sister then would this be considered as tax free in receiver hands?
Regards
Guest
Guest
(Expert)
15 May 2013
Any gift made to the relative is not taxable
as gift under income tax act, the relevant
section is 56(2)(vii).
And father, brother & sister are convered under the definition of relative.
Hence, whether the gifts exceeds Rs 50000 or not its immaterial till they are made to the relative as defined under the act.
as gift under income tax act, the relevant
section is 56(2)(vii).
And father, brother & sister are convered under the definition of relative.
Hence, whether the gifts exceeds Rs 50000 or not its immaterial till they are made to the relative as defined under the act.
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