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gift exempt from income tax
sir, gift from father to daughter is exempt from income tax? pl provide income tax section reference
Replies (2)
Gift received from relative is not taxable in the hands of receipeint . please go through section 56/ 2 of the income tax act 1961
Yes... The gift is tax free.
Please go to refer sec 56(2) of IT act....
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As per the Income Tax Act: Section 2(41), “relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
As per Gift tax:Any ‘Relative’ means as per Section 56(2),
SpouseBrother or sister of individual or of spouseBrother or sister of either parentsLineal ascendant/descendant of individual or of spouseSpouse of relatives mentioned in 2. to4.
Please go to refer sec 56(2) of IT act....
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As per the Income Tax Act: Section 2(41), “relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
As per Gift tax:Any ‘Relative’ means as per Section 56(2),
SpouseBrother or sister of individual or of spouseBrother or sister of either parentsLineal ascendant/descendant of individual or of spouseSpouse of relatives mentioned in 2. to4.
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