Money received from abrod relative as gift is it taxable in India
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 24 September 2017
If Gift received from 'relatives' as defined under Section 56(2)(vii), of I T Act, 1961; it will be taxfree. Otherwise taxable........
For details refer: Tutorials/Tax/treatment/gifts
lekhraj tanwar
(Student CA Final )
(22 Points)
Replied 25 September 2017
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 25 September 2017
If you have received the gift from the following relatives, whether Resident or non resident, then it is exempted from tax
Spouse
Brother or sister
Brother or sister of the spouse
Brother or sister of parents
Any lineal ascendant or descendant ( Parents and grand parents )
Any lineal ascendant or descendant of the spouse ( Parents and grand parents )
Spouse of the person referred in points 2 to 6
if you receive gift on the occasion of your marriage then also it is exempt from income tax.
If the person from whom you received the gift does not fall under above relatives and the gift amount is less than Rs. 50,000 value, then it is exempt. if it exceeds Rs. 50,000 then taxable.
Sreelalu Krishna
(25 Points)
Replied 28 September 2017
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"