GIFT RECEIVED FROM RELATIVE

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Accountant
38 Points Posted on 02 August 2020
If a person received property from relative as a gifit .is it taxable.
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On 02 August 2020 at 15:33 Report
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Receiving property as a gift from a close relative, such as a brother or sister, is generally not taxable under the Income Tax Act. This is because these familial relationships are recognised as 'relatives' for tax purposes, and gifts between them without any payment are exempt. However, the definition of 'relative' is specific and does not typically extend to cousins.

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GST Practitioner & Accounts
15150 Points Posted on 02 August 2020

What  is the relation  ?. 

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On 02 August 2020 at 17:04
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"Do the Right Thing...!!!"
128157 Points Posted on 02 August 2020
Good question dear Mr Prasad Nilugal...

keep it up...
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On 02 August 2020 at 17:25
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Accountant
38 Points Posted on 02 August 2020
Brother & Sister
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On 02 August 2020 at 19:06
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Tax and Business Consultant
11616 Points Posted on 02 August 2020
If a person received property from relative (brother and sister) as a gift without consideration than it's not taxable under Income tax Act.
Because brother and sister (Not cousin) is considered as relative.
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On 02 August 2020 at 22:35

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