Is income tax applicable on cash gift received in the shape of bank transfer on recipient hands
This query is : Resolved
21 March 2026
Respected sir/s,
one grand mother transferring Rs.50 lakhs to her daughter as gift from her sources, is it liable for income tax in the hands of recipient hands,
please inform me
one grand mother transferring Rs.50 lakhs to her daughter as gift from her sources, is it liable for income tax in the hands of recipient hands,
please inform me
21 March 2026
✔ ₹50 lakh gift from grandmother → Fully exempt
✔ No income tax on recipient
✔ Bank transfer → perfectly fine
✔ Keep gift deed + source proof
✔ No income tax on recipient
✔ Bank transfer → perfectly fine
✔ Keep gift deed + source proof
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