Gift from daughter to mother

Originally posted by : avinash singh



Gifts under section 56(2)(vi) of the Income Tax Act, 1961

Where any sum of money, the aggregate value of which exceeds Rs.50,000, is received without consideration by individual/HUF, the whole of aggregate value is taxable as income from other sources.





This provisoin will not apply :

Mother Daughter ( Even Though Married ) fall under the defination of Relative under I T Act, Hence Gifts from Relatives of any amount is Tax Free.

Dear Sir please correct me if i wrong:

the Gifts received from any of relatives are fully exempt from tax;

Spouse of the individual, Brother or sister of the individual, Brother or sister of the spouse of the individual Brother or sister of either of the parents of the individual