ICICI

Gift received from relative


Banbari Lal (Taxation)     23 July 2018

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

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RAJA P M ("Do the Right Thing...!!!")     23 July 2018

RAJA P M
"Do the Right Thing...!!!" 
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If you received gift as per income tax notified persons (relatives) then it's not taxable... Otherwise taxable.

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Pranjali (intern)     23 July 2018

Pranjali
intern 
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If the person is falls under 'relatives' as defined under the Income Tax Act, the gifts won't be taxable. The definition of relatives includes;

-your spouse

-your brother or sister or your spouse's

-brother or sister of your parents

-your linear ascendant or descendant or your spouse's

-spouse of the person mentioned above

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rama krishnan   23 July 2018

rama krishnan

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what is the mode of receipt and what is the maximum amount you received from them if the mode receipt was cash?

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Banbari Lal (Taxation)     24 July 2018

Banbari Lal
Taxation 
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Some amount received in cash & some thourgh cheque


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