Gift from my grandperents

Gift from relatives is not taxable.Hence gift recevied by you is not taxable.

no tax payable.

Yes gift received from near relatives are not taxable.

Anyways if you derive any income out the money received from your grandmother the same shall be taxable in the hands of your grandmother and not you.

Money of property received from a RELATIVE as gift shall not be considered as income.

Defenition of relative is as follows

Relative Means;-----

(i) spouse of the individual,

(ii) brother or sister of the individual,

(iii) brother or sister of the spouse of the individual,

(iv) brother or sister of either of the parents of the individual,

(v) any lineal ascendant or descendant of the individual,

(vi) any lineal ascendant or descendant of the spouse of the individual, and

(vii) spouse of a person referred to in items (2) to (6) mentioned above.

Your grant mother is a lineal ascendant to you so the payment is exempted

the same is exempted and you can prepare a gift deed for the same.

Dear Praveen,

As you said, the income earned out of gift money received from will not attract clubbing provisions. To attract clubbing provisions, it must be recoverable transfer.

Originally posted by : dinesh sharma
	Respected Seniors, I want to know if i got 5 lac indian rupees as a gift from my grandmother then is it tax free for both or taxable? note down that my grandmother is senior citizen. Please suggest me. i am waiting for your help. Dinesh Sharma

non taxable in hand of receipent

regarding the taxability of donee, it must be offered from "tax paid income"

not taxable in ur hands...

Originally posted by : V.Gopi
	Dear Praveen, As you said, the income earned out of gift money received from will not attract clubbing provisions. To attract clubbing provisions, it must be recoverable transfer.

Both of us are wrong.

If the transfer is not to the persons specified i.e. spouse, Daugher in law, minor sons or daughters.