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Taxability of gift

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(Querist)
01 July 2013 1) Is money received from maternal grand father is exempt from tax or taxable u/s 56(2)(vii) ?. Please solve my problem.

2) Is step father or step children is covered under relative in IT act-1961?

Thanking you

Ashutosh kumar Jha
9534140352
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 July 2013 Maternal Grand Father can give Gift to Mother and mother can Gift the said amount to you. If you directly receive gift from him, it will be taxable.
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Yes, step father is a relative of his step son and vice versa. Adopted son is son.
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Ashutosh Kumar Jha

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Ashutosh Kumar Jha (Querist)
02 July 2013 Thank you sir for your quick & valuable reply.


Ashutosh Kr Jha
9534140352
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