Gifts from Maternal Side
This query is : Resolved
29 May 2008
Can a maternal grand father gift to his daughters son directly. Is it taxable ?
29 May 2008
Hi,
I shall appreciate if you can clarify your message ? You said "No relative gift is not taxable", so does it mean that is it taxable or not taxable ?
I shall appreciate if you can clarify your message ? You said "No relative gift is not taxable", so does it mean that is it taxable or not taxable ?
CA Anuj Garg
(Expert)
30 May 2008
No he can not gift him directly it shud be routed through his mother ie Grand Father--->Mother--->Son
Other wise it will be taxable
You can refer a chart in shared files. i think i wud get uploaded by 2maro
Other wise it will be taxable
You can refer a chart in shared files. i think i wud get uploaded by 2maro
30 May 2008
grand father's gift(cash or kind) is exempt(being a lineal ascendant(l.a) or lineal descendat (l.d)of an individual or l.a orl.d of spouse of an individual)
CASH GIFTS ARE TAXABLE ( except AMONG RELATIVES SUBJECT TO SEC 56(2)(v) PROVISIONS).TO KNOW LIST OF RALATIVES PL. REFER SEC 56(2)(v).
GIFTS from any body IN KIND ARE NOT TAXABLE .
r.v.rao
grand father's gift(cash or kind) is exempt(being a lineal ascendant(l.a) or lineal descendat (l.d)of an individual or l.a orl.d of spouse of an individual)
CASH GIFTS ARE TAXABLE ( except AMONG RELATIVES SUBJECT TO SEC 56(2)(v) PROVISIONS).TO KNOW LIST OF RALATIVES PL. REFER SEC 56(2)(v).
GIFTS from any body IN KIND ARE NOT TAXABLE .
r.v.rao
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