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
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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 . |
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agree with shashank goyal
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