Gift received from relative
Banbari Lal (Taxation) 23 July 2018
In assessment year 2018-19 I received gift from relatives Rs 350000 then it is taxable or not
RAJA P M ("Do the Right Thing...!!!") 23 July 2018
If you received gift as per income tax notified persons (relatives) then it's not taxable... Otherwise taxable.
Pranjali (intern) 23 July 2018
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
rama krishnan 23 July 2018
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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