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

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (127072 Points)
Replied 23 July 2018

If you received gift as per income tax notified persons (relatives) then it's not taxable... Otherwise taxable.

3 Like

Pranjali (intern) (2216 Points)
Replied 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

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rama krishnan (12234 Points)
Replied 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?

1 Like

Banbari Lal (Taxation) (61 Points)
Replied 24 July 2018

Some amount received in cash & some thourgh cheque

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