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Cash received as gift from Sister taxable.

Tax queries 753 views 15 replies
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147 Points Posted on 04 June 2022

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
28207 Points Posted on 04 June 2022
No not taxable
44 Reply
On 04 June 2022 at 21:11
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147 Points Posted on 04 June 2022

But isnt cash over 50k taxable? 

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On 04 June 2022 at 21:36
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147 Points Posted on 04 June 2022

remove

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On 04 June 2022 at 21:36
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Profession Business
28207 Points Posted on 05 June 2022
Yes it is taxable but not for immediate blood relation.
44 Reply
On 05 June 2022 at 06:13
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Chartered Accountant
86505 Points Posted on 05 June 2022
Gift received from Relative is completely exempt
814 Reply
On 05 June 2022 at 07:36
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Profession Business
28207 Points Posted on 05 June 2022
Immediate blood relation is completely exempted sec 56
44 Reply
On 05 June 2022 at 09:44
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3145 Points Posted on 05 June 2022
My neighbor Uncle receive Rs 80000 worth of Gift from his relation it is taxable ???
2 Reply
On 05 June 2022 at 16:03
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Chartered Accountant
86505 Points Posted on 05 June 2022

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)

 

814 Reply
On 05 June 2022 at 16:32
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3145 Points Posted on 05 June 2022
His granddaughter
2 Reply
On 05 June 2022 at 16:33
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Chartered Accountant
86505 Points Posted on 05 June 2022

Cmpletely exempt as granddaughter covered under defination of relative.

814 Reply
On 05 June 2022 at 16:37
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3145 Points Posted on 05 June 2022
Suppose gift from friend Rs 90000 means taxable??
2 Reply
On 05 June 2022 at 16:40
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Chartered Accountant
86505 Points Posted on 05 June 2022

If received from friend then taxable

814 Reply
On 05 June 2022 at 16:41
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Chartered Accountant
86505 Points Posted on 05 June 2022

If received from friend then taxable

814 Reply
On 05 June 2022 at 16:41
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3145 Points Posted on 05 June 2022
Thank you so much CA Rashmi Mam .🙏
2 Reply
On 05 June 2022 at 16:53


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