Gift tax

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Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2012 If I receive Gift of Rs. 40 lakhs from my father in law will I be taxed

CA Rajeev Bansal

CA Rajeev Bansal (Expert)
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14 January 2012 No, Gift received from relative is exempt

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 January 2012 Exempted. Not Taxable.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)