Taxability
This query is : Resolved
23 May 2014
If gift is received from relative(mother in law) & the amt of gift is Rs 30,00,000. Whether it is taxable in the hands of individual or not??
23 May 2014
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts. Here the “relatives” term defines by the Income Tax act as follows :
◦Spouse of the individual
◦Brother or sister of the individual
◦Brother or sister of the spouse of the individual
◦Brother or sister of either of the parents of the individual
◦Any lineal ascendant or descendant of the individual
◦Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
mother in law is also covered in relatives defination so that gift received from mother in law is exempt. Amount does not matter in this case.
◦Spouse of the individual
◦Brother or sister of the individual
◦Brother or sister of the spouse of the individual
◦Brother or sister of either of the parents of the individual
◦Any lineal ascendant or descendant of the individual
◦Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
mother in law is also covered in relatives defination so that gift received from mother in law is exempt. Amount does not matter in this case.
24 May 2014
yes ans by deepti is correct ,.
gift will not taxable.
gift will not taxable.
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