Gift
If A receives gift by cheque from his father of rupees 60000 then will it be taxable to A ????
Replies (6)
No,gifts receive from blood relation are always exempt.
father is covered undet definition of relative as provided in section 56, and Gift from relative is not taxable.
No, no tax liability for Mr. A.
what if mr a receives immovable property ie piece of land from his relative ?????
Is there any limit to give the gift
In case of gift from non relative, it is exempt if it does not exceed Rs. 50000.
In case of relative no limit. All amount received is exempt.
Definition if relative is as mentioned u/s 56(2)(vii).
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