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 ?
CA B.S.Sridhar
(Expert)
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
S.Srinivasaraghavan
(Expert)
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.
CA. O.P. Agarwalla
(Expert)
10 January 2008
Father in law mother in law, both falls under the he clause "relative" as per sectioon 56.
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