Gift through nre account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2014
I am a resident . my relative is NRI and he has a NRE account , he want to give me a gift cheque of Rs 25 Lakhs through his NRe account. I want to know whether this gift is taxable or not in my hand
12 July 2014
no. the gift is not taxable provided the relative is covered in the definition of relative provided under section 56(2)
Message likes :
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12 July 2014
The receipt is fully exempted from tax, since received from relative(provided if the relative is covered u/s56(2)).
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15 July 2014
mention the relation of such relative
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