Gift received from nana

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552 Points Joined February 2014
Gift received from nana is exempted or not in the hands of donee
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On 12 October 2024 at 10:59 Report
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Master in Accounts & high court Advocate
9535 Points Joined December 2011

According to the Income Tax Act, gifts received from relatives are exempt from tax in the hands of the donee. Relatives include: - Parents - Grandparents - Great-grandparents - Children - Grandchildren - Great-grandchildren - Spouse - Brother - Sister Since "Nana" typically refers to a grandfather or a paternal grandfather, the gift received from your Nana is exempt from tax in your hands. However, please note that: - The exemption applies to gifts received from relatives only. - The gift must be a genuine gift and not a disguised transaction. - The gift should not be a transfer of assets in connection with an agreement or contract. It's always best to consult a tax professional or expert for personalized advice and to ensure compliance with income tax regulations.

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On 12 October 2024 at 14:45


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