Gift tax Act-15lacks gift by cheque
This query is : Resolved
10 March 2009
If a person receives RS15lacs cheque from his Mami,will it be taxable?
If yes then to whom the person or his mami?
pls explain.
If yes then to whom the person or his mami?
pls explain.
10 March 2009
Yes, taxable with, in hands of receiver u/s 56.
CA.Tarun Maheshwari
(Expert)
10 March 2009
Not taxable in Gift tax Act, Its taxable in Section 56 of Income Tax Act now, in the hand of reciever. But in your case it is not taxable as Mami is covered in the definition of Relative. Please check this definition
Section 56(2)(vi)
For the purposes of this clause, “relative” means—
(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).]
Your case is covered if you read jointly the clause (iv) with clause (vii)
Section 56(2)(vi)
For the purposes of this clause, “relative” means—
(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).]
Your case is covered if you read jointly the clause (iv) with clause (vii)
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