Gift definition as per income tax act

Tax queries 219 views 2 replies

Bhumit

accountant

166 Points Joined September 2017

Hello Members,

I have a question for Gift Definition as per Income tax act/rules.

Details of Family Member

X - individual tax payer (Salarized Person) - Female

Y - Husband of "X" - (Job less Person & So don't file any ITR now)

A - Father in law of "X" - (Reguler Filled ITR-3)

B - Smaller Brother of "A" - (Salarized Person Filed ITR - 1)

C - Wife of "B" - (Reguler Filled ITR-3)

Now My Question was Can Person A,B & C gift some amount to person "X" through chq ?

If No than any other way to gift a amount ?????

B -

Replies (2)

Guest

gift received by x from b and c will be taxable if aggregate amt exceeds 50000 in one fy gift from A will not be taxable since the same is received from relative. ( sec 56(2)(x). )

Present from spouse and children aren't taxable under the income Tax Act. As in keeping with the income Tax Act the following listing of people are described as a relative of an man or woman. Subsequently most effective cash received from the following humans will be exempt from income tax for an individual taxpayer. partner of the person. Animated Video Maker