tax on gift received
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2011
Whether gift received from spouce’s maternal grant father (wife's nana) will be taxable under Gift Tax or not.
12 June 2011
Gift tax has become as old as the donor in the query.
Now the world has changed and it is taxed under the provisions of Section 56 of the Income Tax Act.In the earlier act there was hardly any difference between a relative and a friend. But, nowadays, in Income Tax Act,
even the term "relatives" in respect to an Individual required a definition.
As per Explanation to Section 56(2)(vi), Nanaji is lineal ascendant of the spouse, and as such he is relative.
Any Gift received from a realtive is exempt.
Now the world has changed and it is taxed under the provisions of Section 56 of the Income Tax Act.In the earlier act there was hardly any difference between a relative and a friend. But, nowadays, in Income Tax Act,
even the term "relatives" in respect to an Individual required a definition.
As per Explanation to Section 56(2)(vi), Nanaji is lineal ascendant of the spouse, and as such he is relative.
Any Gift received from a realtive is exempt.
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