Dear Sir
An Asseessee Cash Gift Received from His Brother or Sister or any Blood Relative was Rupees 10,00,000/- or above is this amount is taxable or not if taxable please tell howmuch amount is exempt received from relative
thanking you
Menu
Gift Tax
Replies (3)
Hi Rajesh , I would like to bring information to your knowledge that gift tax has been abolished , and gift provisions under the income tax act is governed by the provisions of section 56(2)(vii) , by virtue of which gift if received by individual and huf exceeding Rs 50000 is received from any relatives as defined in explaination to that section will not be taxable . So, I would like you to through that explaination and find whether relatives you are trying to relate are covered under that or not .
agree with above gift from relative exempt from tax
| Originally posted by : SHASHANK GOYAL | ||
 |
Hi Rajesh , I would like to bring information to your knowledge that gift tax has been abolished , and gift provisions under the income tax act is governed by the provisions of section 56(2)(vii) , by virtue of which gift if received by individual and huf exceeding Rs 50000 is received from any relatives as defined in explaination to that section will not be taxable . So, I would like you to through that explaination and find whether relatives you are trying to relate are covered under that or not . |
 |
agree with shashank goyal
Recent Topics :
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
Related Topics :
CAclubindia
