Someone receives 1.25 lakh as gift for daughters marriage from her sister, will this be taxable?
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Cash received as gift from Sister taxable.
Replies (15)
Quick Summary
No not taxable
But isnt cash over 50k taxable?
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Yes it is taxable but not for immediate blood relation.
Gift received from Relative is completely exempt
Immediate blood relation is completely exempted sec 56
My neighbor Uncle receive Rs 80000 worth of Gift from his relation it is taxable ???
Relative here means:
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In case of an individual-
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His granddaughter
Cmpletely exempt as granddaughter covered under defination of relative.
Suppose gift from friend Rs 90000 means taxable??
If received from friend then taxable
If received from friend then taxable
Thank you so much CA Rashmi Mam .🙏
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