Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Gift received from nana

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)

12 October 2024

Gift received from nana is exempted or not in the hands of donee

Reply
Follow
Share

1 Replies

Rama chary Rachakonda (Master in Accounts & high court Advocate) (8382 Points)
Replied 12 October 2024

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.

Upgrade to CAclubindia Pro. Subscribe Now!

CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

CCI Pro

Trending Online Classes

Guide to UAE Corporate Tax Return filing (3rd Live Batch)

CA Mohd Asim

Enroll Now

21 June 2025
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)

Mr.Balamurugan Ranganathan

Enroll Now

16 June 2025
Certification Course on GST Notices Reply from AI Tools

CA Deepak Gupta

Enroll Now

27 June 2025

view all classess

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings