Whether gift received from Grandfather sister is taxable or not.
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Gift received from grandfather sister
Replies (9)
It is taxable as she is not a relative within the definition.
Agree with Poornima
Gift received upto rs 50000 is not taxable u/s 56
I also agree with Poornima and Kamal Jeet upto 50000 is exempt
If gift is received on the occasion of marriage its exempted
Yes, ..Gift received from relative and gift received on occassion of marriage n death is exempt
Grand father sister is not covered under the relative as per income tax
even though amount received from non relative is exempted up to Rs 50000 /-
Any amount receved on the occation of marrage is fully exempted from tax
Gift is defined u/s 56(2).....relative is defined u/s 2(31)....Only lineal ascendends are included i.e mother father....Grand father is excluded from d definition of relative.... so it is taxable...but it will be exempt if aggregate amount of gift received during the yr from non relative is upto 50000...if gift is received on the occasion of marriage it is fully exempt.
taxable, grandfather sister not included in relative defination.but on recd gift limit of 50000 shall be apply
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