taxability on gift
This query is : Resolved
22 July 2010
If i recieve a gift of rs.10,00,000(ten lac) from my mother's sister through a bank draft on 01.08.2010 then do i am liable to pay income tax on the amount recieved without consideration.please advice me and you can also send me email on nitinsaraff@gmail.com
22 July 2010
Gift recd from a relative is exempt from tax. Brother or sister of either of the parent's of the relative is included in the term relative. therefore u need not pay any tax on the above
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22 July 2010
It will be exempt as gift received from relatives are exempt.
For the purposes of this clause, relative means
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).
Your case falls under (iv)
For details you can download file from following link---
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For the purposes of this clause, relative means
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).
Your case falls under (iv)
For details you can download file from following link---
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
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22 July 2010
Well explained by CMA. Sanjay Gupta.
You need not pay any tax.
You need not pay any tax.
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