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Gift

chirag (job) (107 Points)

29 April 2017

I have receive 5 lakh in cash from Wife's brother as gift. Can you help to me is it taxable or not

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5 Replies

Gurmet Siingh (Chartered Accountant) (413 Points)
Replied 29 April 2017

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.

chirag (job) (107 Points)
Replied 29 April 2017

Thank you sir

chirag (job) (107 Points)
Replied 29 April 2017

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

Prity Agarwal (CHARTERED ACCOUNTANT) (363 Points)
Replied 29 April 2017

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.

Gurmet Siingh (Chartered Accountant) (413 Points)
Replied 29 April 2017

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.