28 May 2016
You are exempt from tax under the following situations:
monetary value of all gifts received don't add up to Rs.50,000. Received from a relative Received on occasion of marriage Received by way of a will or inheritance Received in contemplation of death of the payer Received from Local Authority Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C) Money Received from a charitable Institution registered under section 12AA
Who is a relative?
Your immediate family - parents, siblings, spouse and children Your spouse's parents and siblings Your parents' siblings Your siblings and their spouses
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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29 May 2016
All that matters is whether the gift is received from a specified relative. Gifts from a specified relative is always exempt for both the giver and recipient irrespective of the residential status, value and purpose
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