Gift under Section 56(2)
This query is : Resolved
12 August 2009
My wife has a real (blood) brother who is an NRI. The brother wishes to gift an amount in excess of Rs. 1 Lac to his sister (my wife)
I wish to know if this amount will be added to the income of my wife, and will it become subject to Income Tax?
I wish to know if this amount will be added to the income of my wife, and will it become subject to Income Tax?
12 August 2009
He can give the gift to the sister. It will not be covered under sec 56(2).
This will be covered as lineal assendent & decended.
This will be covered as lineal assendent & decended.
12 August 2009
Dear Chetan,
Thank you for your response. I read somewhere that even gifts from blood relations of amount greater than Rs 50,000/- will be added to receivers income and the total income will then be subject to tax.
That was the reason for my query.
Is it true then, that an NRI can give can give gifts by cheque of any amount to a blood relation, and the amount will not be added to the receiver's income for tax pusposes?
Thank you for your response. I read somewhere that even gifts from blood relations of amount greater than Rs 50,000/- will be added to receivers income and the total income will then be subject to tax.
That was the reason for my query.
Is it true then, that an NRI can give can give gifts by cheque of any amount to a blood relation, and the amount will not be added to the receiver's income for tax pusposes?
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