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Income tax on gift from mother & sister after marriage
Hello,
My Mother & Sister wants to gift me money (after 4 years of marriage)
Will i be liable to pay income tax on money which i received from Mother & Sister (blood relation) as gift?
If answer to above question is No what's the limit for gift amount? Or how i can take benefit of Gift Tax Act ?
Please guide me for things which i need to keep this transaction smooth as per income tax laws.
Thanks,
Harita Sodha
Replies (2)
You are not liable to pay tax on the amount. Any amount received from relative is totally exempt. Parents and sister of an individual are relatives under the income tax act. There is no limit for gift received from relative, it totally exempt. But make sure you get documentation done for the transaction like gift deed signed by the person giving the gift. So in future if any scrutiny arise you are able to prove that the transaction was a gift.
Thanks for Reply Supriya.
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