Tax impact on Gift Recd by an Individual
This query is : Resolved
Yasmin Salim Shaikh
(Querist)
08 September 2009
If an individual receives gift of Rs. 400000/- by cheque from his sister then is it taxable or not?
chetan soni
(Expert)
08 September 2009
gift received from relatives are not covered u/s 56. So above said gift will be taxfree for the individual.
Yasmin Salim Shaikh
(Querist)
09 September 2009
Thanks Mr. Chetan Soni
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