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Gifts

This query is : Resolved 
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(Querist)
14 December 2009 Dear Sir,

If i receive any Gifts both movable and immovable from my relative......How much tax I have to pay.....
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
14 December 2009 For the purpose of meaning of relative you should refer Explanation to clause (vi) of sub-section (2) of Section 56.

If you receive gifts of movable and immovable properties from these relatives; then these are exempt from tax.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
14 December 2009 gifts received from relatives if fully exempted from any mode.
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