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Gift received from grandfather

kami kingrani (Sr.Accountant) (57 Points)

14 October 2014  
sir, I received a gift amount of 3 lakh rupees from my grandfather now I want to know that the amount of gift is exempt or taxable.

 8 Replies

AAYUSH BANSAL (ca aspirant) (92 Points)
Replied 14 October 2014

that is exempt u/s 56[2]7

Girish (MBA) (83 Points)
Replied 14 October 2014

@ kami kingrani - Read the meaning of Relative and who all come under relatives and you will solve any queries regarding gifts ....

Answer to yo question - Any gift recieved  from relative is exempt , grandpa comes under relative so its exempt.


 

sambit kumar (Student) (51 Points)
Replied 14 October 2014

Hi,gift received from relative are exempted U/S 56(2)(7)

Mihir (Wealth Manager) (5288 Points)
Replied 14 October 2014

No tax payable by you on receiving this gift from your grandfather.

kami kingrani (Sr.Accountant) (57 Points)
Replied 14 October 2014

Thanks to all of you
1 Like

Titli Mukherjee (student) (22 Points)
Replied 14 October 2014

Gift received from relative are exempt u/s 56 (2) (7). Grandfather comes under relative so it's exempt. Bt remember grandfather's brother is not your relative. If u receive gift from him then it will be taxable.

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15587 Points)
Replied 14 October 2014

undoubtedly....the amount of gift is exempt being received by relative..!

Harendra Kumar (Tax Advisor ) (1198 Points)
Replied 17 October 2014

Dear Sir,

It is good news you have been recd. money as a gift from your grandfather i.e. Rs. 3 lakh, it is totaly exempt and no tax payable by you but you have recd. any income from such money i.e. taxable.

In other word if you hhaving the income from Rs. 3 lakhs then you liabilities wiil be arise.

If having other observatipon plz forward the same. 

Thankingf you,

     


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