Gift received from grandfather
@ 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.
No tax payable by you on receiving this gift from your grandfather.
undoubtedly....the amount of gift is exempt being received by relative..!
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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