ICICI

Gift received from relative


Banbari Lal (Taxation)     23 July 2018

Banbari Lal
Taxation 
 3 likes  61 points

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In assessment year 2018-19 I received gift from relatives Rs 350000 then it is taxable or not

avater

Anshul Wadhwa (student)     23 July 2018

Anshul Wadhwa
student 
 27 points

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Gift received from relative is not taxable in hands of recipient under section 56 of Income Tax Act. The persons who are considered as relatives are In case of individual Spouse of the individual Brother or sister of the individual Brother or sister of the spouse of the individual Brother or sister of either of the parents of the individual Any lineal ascendant or descendant of the individual Any lineal ascendant or descendant of the spouse of the individual Spouse of the person referred to in above points


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