Gifts from Maternal Side

This query is : Resolved

Report Abuse Follow Query Ask a Query

Kabra

Kabra (Querist)
Follow

29 May 2008 Can a maternal grand father gift to his daughters son directly. Is it taxable ?

Rakesh

Rakesh (Expert)
Follow

29 May 2008 No relative gift is not taxable

Kabra

Kabra (Querist)
Follow

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 ?

CA Anuj Garg

CA Anuj Garg (Expert)
Follow

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

R.V.RAO

R.V.RAO (Expert)
Follow

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