My mothers' father is gifting me Rs.20 lakhs. Is this gift exempt from gift tax under the IT ACT?
I would be thankful for clarification on this subject.
Z
( )
(2960 Points)
Replied 11 January 2016
As per S.56(2)(vii) , gift received from relatives is not taxable.
Relative have been defined in the explanation and your case is covered in the coloured text.
[Its exempt in your hand but do prefer a gift deed.]
"relative" means,—
(i) in case of an individual—
(A) spouse of the individual;
(B) brother or sister of the individual;
(C) brother or sister of the spouse of the individual;
(D) brother or sister of either of the parents of the individual;
(E) any lineal ascendant or descendant of the individual;
(F) any lineal ascendant or descendant of the spouse of the individual;
(G) spouse of the person referred to in items (B) to (F);
harsh bansal
(successful CA)
(28 Points)
Replied 12 January 2016
harsh bansal
(successful CA)
(28 Points)
Replied 12 January 2016
harsh bansal
(successful CA)
(28 Points)
Replied 12 January 2016
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