Menu
Gift
I have receive 5 lakh in cash from Wife's brother as gift. Can you help to me is it taxable or not
Replies (5)
Gifts from relatives are not taxable and Relative includes Brother & Sister of Spouse of Individual. Hence, gift received from Brother in law is not taxable.
Thank you sir
Thank you for information sir
Wt is meaning of Through a/c payee cheque or a/c payee bank draft or bank electronic clearing system received before specified date
Chirag Mistry
The above case shall not be taxable.
Since, wife's brother is a relative hence any sum of monetary gift shall be exempted from Income Taxation.
Through a/c payee cheque or a/c payee bank draft or bank electronic clearing system received before specified date means payment received/made through cheque or RTGS/NEFT and not in cash.
But, in case of gift amount can be received in cash/kind.
Recent Threads
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
Related Threads
CAclubindia
