Gift tax limit

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lalit kumar sharma (Querist)
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02 September 2011 Dear Sir,

I want to know about gift tax limit as per income tax act. To who all can we gift.

regards,
lalit

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 September 2011 Gift from Relatives u/s 56(2)(vii) is exempt from Tax.
Relatives include---

(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)

Any sum of Money Exceeding Rs.50,000/- is Taxable if received from persons other than relatives.

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