Tax on gifts
This query is : Resolved
04 June 2013
Hi,
Please give full clarity on the following,
An individual receiving gift(Money,50000<) from her daughter in law(Not being son's wife, but spouse sister's daughter)
Whether the above money is taxable, if yes on what scenarios the same can be exempt from tax ?
Thanks
Please give full clarity on the following,
An individual receiving gift(Money,50000<) from her daughter in law(Not being son's wife, but spouse sister's daughter)
Whether the above money is taxable, if yes on what scenarios the same can be exempt from tax ?
Thanks
05 June 2013
Any gift more than Rs. 50,000 from the above mentioned relative will be taxable as per the slab.
The above mentioned relative doesnt exactly fit in the definition of exempt relative.
However, the reverse case could be exempted in my opinion. If the individual gifts more than Rs. 50,000 to Spouse's sister's daughter, then it could be exempt for her.
The above mentioned relative doesnt exactly fit in the definition of exempt relative.
However, the reverse case could be exempted in my opinion. If the individual gifts more than Rs. 50,000 to Spouse's sister's daughter, then it could be exempt for her.
05 June 2013
in reverse case also it is taxable. Gift to sister of spouse is exempt but not to daughter of spouse sister.
05 June 2013
With All Due Respect, I would disagree with Mr. Vishnu Gavkare.
In the definition of relative, when you combine "d" and "g" together, you would see that spouse's sister's daughter can get a gift exempt from tax.
In the definition of relative, when you combine "d" and "g" together, you would see that spouse's sister's daughter can get a gift exempt from tax.
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