Gift Tax exemption
This query is : Resolved
09 January 2008
How much amount is tax free ?
from family mamber ?
From outsider ?
From father in law ? is blood relation ?
From mother in law ? is blooe ralation ?
from family mamber ?
From outsider ?
From father in law ? is blood relation ?
From mother in law ? is blooe ralation ?
09 January 2008
Gifts from the relatives are exempy irrespective of the amount. Non relatives is not chargeable to tax if it does not exceed Rs. 25000/-. Once exceeds this limit , it shall be added to Income of the assessee
09 January 2008
Gift in the form of a sum of money from a relative is not taxable if it is from a relative listed in Explanation to clause (v) of subsection (2) of section 56. Even in the case of non-relative if the sum of money is within twentyfive thousand it is not taxable. Further if cash received on any of the circumstances mentioned in the section like marriage, inheritance etc. it is not taxable.
Non-cash gifts are in any case not taxable.
Non-cash gifts are in any case not taxable.
10 January 2008
Father in law mother in law, both falls under the he clause "relative" as per sectioon 56.
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
- 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
- Type of Capital Gain
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- 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
