tax
This query is : Resolved
Guest
Guest
(Querist)
24 March 2009
1)Whether there is the taxability of the amount gifted in any occasion of family member?
CA Tilak Raj Sharma
(Expert)
24 March 2009
Money received from relative is not taxable.
Relative means:
1. spouse of individual
2. Brother & Sister of Individual
3. Brother & Sister of Spouse
4. Brother & Sister of either of parents of individual
5. Parents of individual
6. Any lineal ascendent or descendent of individual
7. Any lineal ascendent of dedcendent of spouse
8. Spouce of person referred in point 2 to 6
Relative means:
1. spouse of individual
2. Brother & Sister of Individual
3. Brother & Sister of Spouse
4. Brother & Sister of either of parents of individual
5. Parents of individual
6. Any lineal ascendent or descendent of individual
7. Any lineal ascendent of dedcendent of spouse
8. Spouce of person referred in point 2 to 6
24 March 2009
i support the expert
SANJAY VERMA
(Expert)
24 March 2009
clarify your question, since gift above specified limit from person other then relative is taxable.
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