Gift within family relations

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AARPEE (Querist)
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17 November 2012 Dear Sir.

Could you please confirm the relations within the family who can give Tax Free GIFT to others in relations.

Can Mother in Law or Father In law can give GIFT to their Daughter in Law ??

Can Sister & her Husband can give Gift to young Married Sister & her Husband ?

Can Younger Brother can give GIFT to his elder brother & sister in law. ??

Please advice. Thank you !!

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 November 2012 https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp#.UKchteScc8o

Check out from above link.

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AARPEE

AARPEE (Querist)
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18 November 2012 Thank you very much Mr.Sanjay Gupta for your valulable information.

AARPEE

AARPEE (Querist)
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18 November 2012 Dear Mr.Gupta.

I am little confused with following information shared by Mr.Chinmay….

“ The gift falls in any of the following five categories:- • The gift does not fall in the exempted category.

The five categories are as under:
• Any sum of money (gift in cash or by cheque or draft). •Immovable property without consideration
• Immovable property for a consideration which is less than the stamp duty value • Movable property without consideration
• Movable property for a consideration which is less than fair market value. While calculating the above monetary limit of Rs. 50,000 in any of the five categories, any sum of money or property received from the following shall not be considered—
• Money/property received from a relative.
• Money/property received on the occasion of the marriage of the individual.
• Money/property received by way of will/inheritance.
• Money/property received in contemplation of death of the payer. • Money/property received from a local authority.
• Money/property received from any fund, foundation, university, other educational institution, hospital, medical institution, any trust or institution referred to in section 10(23C ).
• Money received from a charitable institute registered under section 12AA

I just want to know, if GIFT of Rs.150,000.00 received (per cheque) from Mother In Law, Elder Sister and Brother In law in any financial year can be treated as GIFT under section 56(2)(vii).

I would appreciate your expert advice on above.

Thanks
AAR PEE

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 November 2012 Yes it can be treated. Gift as mentioned by you fall under section 56(2)(vii) and therefore are exempted for Tax.

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AARPEE

AARPEE (Querist)
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20 November 2012 Thanks Mr.Sanjay Gupta for your valuable information.

AArpee

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