Can anybody answer me , whether gift received in cash or kind from GRAND FATHER will be taxable in the hands of receiver or not?
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Gift received from grandfather
Replies (16)
Gifts from Relatives not taxable.
No it Will Not be Taxable in hands of receiver. [Section 56(2)(vi)]
Gift Received From Relative is Completely Exempted
GIFT FROM RELATIVE IS NOT TAXABLE
RELATIVE MEANS
Here the “relatives” term defines by the Income Tax act as follows :
- 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
- Any lineal ascendant or descendant of the individual
- Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
GRAND FATHER WAS INCLUDED IN THIS LIST
No Gift from Relatives are exempt......
so it will not be taxable...............
| Originally posted by : Komal Sharma | ||
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No Gift from Relatives are exempt...... so it will not be taxable............... |
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Is gift received in cash is also exempted from tax..
It wont be taxed in the hands of the receiver
| Originally posted by : Mudit | ||
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Originally posted by : Komal Sharma No Gift from Relatives are exempt...... so it will not be taxable............... Is gift received in cash is also exempted from tax.. |
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Yes upto Rs.50,000/-
exempted upto Rs 50000/-
In my understanding, gift from relative , whatever is the amount, is exempt from taxation if the amount is received without consideration.
Regards,
According to Sec 56 (2) (vii) introduced on 01.10.2019
I. If any sum of money received without consideration, the aggregate of which
exceeds Rs.50,000, the whole of such sum will be chargeable.
II. If any immovable property received –
(a) without consideration, the stamp duty value of which exceeds Rs.50,000,
the stamp duty value of such property will be chargeable.
(b) For a consideration, which is less than stamp duty value of property by an
amount exceeding Rs.50,000, the stamp duty value of such property as
exceeds such consideration will be chargeable.
III. if any property other than immovable property received –
(a) without consideration, the aggregate fair market value (FMV) of which
exceeds Rs.50,000, the whole of aggregate FMV of such property will be
chargeable.
(b) For a consideration, which is less than the aggregate FMV by an amount
exceeding Rs.50,000, the aggregate FMV as exceeds such consideration
will be chargeable.
However any such gifts received from relatives shall not be treated as income.
For the purpose of this, ‘relative’ means : ‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (ii) to (vi).
Any gift received from relative not taxable on the hands of assesee.........
gift received from grand father is deemed to be received from lineal ascedent and it is exempt from income from other sources
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