provisions relatd to gift
This query is : Resolved
Sumti Bhadani
(Querist)
11 June 2009
is gift from family members exempt from tax? And what are the provisions if we get it from any other person?
aditi daga
(Expert)
11 June 2009
Any gift from relatives of any amount during the financial year is completely exempt from tax.
the expression "relative" means:
1.Spouse of the individual;
2.Brother or sister of the individual;
3.Brother or sister of the spouse of the individual;
4.Brother or sister of either of the parents of the individual;
5.Any lineal ascendant or descendant of the individual;
6.Any lineal ascendant or descendant of the spouse of the individual; and
7.Spouse of the person referred to in clauses (ii) to (vi).
the expression "relative" means:
1.Spouse of the individual;
2.Brother or sister of the individual;
3.Brother or sister of the spouse of the individual;
4.Brother or sister of either of the parents of the individual;
5.Any lineal ascendant or descendant of the individual;
6.Any lineal ascendant or descendant of the spouse of the individual; and
7.Spouse of the person referred to in clauses (ii) to (vi).
aditi daga
(Expert)
11 June 2009
Cash gift and grants received from non relatives are exempt upto Rs. 50,000.However, gift in kind are fully exempt whether recd from relatives or non-relatives.
Ratan Sharma
(Expert)
11 June 2009
Agreed with Expert.
Aditya Maheshwari
(Expert)
11 June 2009
Gifts in kind of any amount received from anyone is fully exempt
CA Nitin Wadhwani
(Expert)
11 June 2009
The only exception of Gift in Kind is ESOPS.
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