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Gift to daughter exceeding 50000
gift to major daughter exceeding 50000 is exempt under income tax
Replies (9)
Gift to daughter means...in hand of daughter it's gift from Parents...
Parents are considered as relative as per income tax act.
So, Any Gift received by daughter (whether she is dependent/independent/major/minor/married/unmarried) from parents is exempt from tax, there is not limit.
Parents are considered as relative as per income tax act.
So, Any Gift received by daughter (whether she is dependent/independent/major/minor/married/unmarried) from parents is exempt from tax, there is not limit.
Gift from Mama (Mother s brother) exempt or not
Yes, it's Exempt as Mama is considered as relative as per Income tax Act, 1961.
and any gift from relative is exempt.
and any gift from relative is exempt.
If gift received by mama from bhanej than also it's exempt or taxable
No, if Mama received gift from Bhanej than its taxable in hand of Mama.
Gift from mama to Bhanej_exempt
Gift from Bhanej to mama_taxable
Gift from mama to Bhanej_exempt
Gift from Bhanej to mama_taxable
Sir, if Person received gift from his bade Sas-Sasur means his wife's Grand Parents, than its taxable or not
No, madam it's also exempt from tax..
As wife's Grand Parents also included in defination of relatives and Gift from relative is Exempt.
As wife's Grand Parents also included in defination of relatives and Gift from relative is Exempt.
Thanks you
Most welcome.......
CAclubindia
