i received gift form my father' brother is amounting rs. 10 lakhs. is taxable under income tax act ?
bharat oswal (Student CA Final ) (32 Points)
18 December 2015i received gift form my father' brother is amounting rs. 10 lakhs. is taxable under income tax act ?
Stranger
(.)
(5526 Points)
Replied 18 December 2015
No dear, it's fully exempt u/s-56(2)(vii), as any amount received as gift from relative is exempt & father's brother, whether younger or elder, covers under definition of relative for the purpose of sec-56(2)(vii)...
Hope ur doubt is cleared now...
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 18 December 2015
Hello , As per Income tax Gift received from relative is expempted.
Relatives means
– Spouse of Individual
– Brother & Sister of Individual
– Brother & Sister of Spouse of Individual
– Brother & Sister of either of the parents of Individual (Father's brother covered here)
– Any Lineal ascendants or descendants of the individual
-Any Lineal ascendants or descendants of the spouse of the individual.
Stranger
(.)
(5526 Points)
Replied 18 December 2015
@ Vishal Goel: Please carefully read my answer..I have written the same thing & there is no contradiction...
Ramesh
(Student)
(90 Points)
Replied 18 December 2015
As per the INCOME TAX ACT, Gift from RELATIVE is fully EXEMPT at all.
Here,
Brother & Sister of either of the parents of Individual are covered in this category.
Father's brother ; is covered under relative.
So fully exempt from the taxable amount.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 19 December 2015
Hello,
Agree with ** Stranger **
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