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
Message likes :
1 times
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
Message likes :
1 times
22 July 2010
Well explained by CMA. Sanjay Gupta.
You need not pay any tax.
You need not pay any tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- Computation of Dividend
- REGARDING ITR FILING QUESTION
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- ITC BENEFIT ON BROKRAGE PAID
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- TDS NOT YET CREDIED
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
