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Cash received as gift from Sister taxable.

Tax queries 724 views 15 replies
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147 Points Joined December 2021

Someone receives 1.25 lakh as gift for daughters marriage from her sister, will this be taxable? 

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On 04 June 2022 at 20:19 Report
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Profession Business
28196 Points Joined May 2017
No not taxable
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On 04 June 2022 at 21:11
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147 Points Joined December 2021

But isnt cash over 50k taxable? 

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On 04 June 2022 at 21:36
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147 Points Joined December 2021

remove

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On 04 June 2022 at 21:36
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Profession Business
28196 Points Joined May 2017
Yes it is taxable but not for immediate blood relation.
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On 05 June 2022 at 06:13
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Chartered Accountant
86505 Points Joined April 2011
Gift received from Relative is completely exempt
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On 05 June 2022 at 07:36
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Profession Business
28196 Points Joined May 2017
Immediate blood relation is completely exempted sec 56
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On 05 June 2022 at 09:44
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3145 Points Joined November 2020
My neighbor Uncle receive Rs 80000 worth of Gift from his relation it is taxable ???
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On 05 June 2022 at 16:03
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Chartered Accountant
86505 Points Joined April 2011

Relative here means: 

In case of an individual-

  1. Spouse of an individual
  2. Brother or sister of the individual
  3. Brother or sister of the spouse of the individual
  4. Brother or sister of either of the parents of the individual
  5. Any lineal ascendant or descendant of the individual
  6. Any lineal ascendant or descendant of the spouse of the individual
  7. Spouse of the persons referred to in items (B) to (F)

 

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On 05 June 2022 at 16:32
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3145 Points Joined November 2020
His granddaughter
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On 05 June 2022 at 16:33
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Chartered Accountant
86505 Points Joined April 2011

Cmpletely exempt as granddaughter covered under defination of relative.

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On 05 June 2022 at 16:37
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3145 Points Joined November 2020
Suppose gift from friend Rs 90000 means taxable??
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On 05 June 2022 at 16:40
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Chartered Accountant
86505 Points Joined April 2011

If received from friend then taxable

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On 05 June 2022 at 16:41
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Chartered Accountant
86505 Points Joined April 2011

If received from friend then taxable

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On 05 June 2022 at 16:41
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3145 Points Joined November 2020
Thank you so much CA Rashmi Mam .🙏
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On 05 June 2022 at 16:53

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