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

Gift received from relative

Banbari Lal (Taxation) (61 Points)

23 July 2018

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

Reply
Follow
Share

1 Replies

Anshul Wadhwa (student) (27 Points)
Replied 23 July 2018

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