Gift transaction taxable or exempted
kollipara sundaraiah (B.com) (2894 Points)
05 November 2022question:
above mentioned two gift transactions taxable or exempted in it act.
kollipara sundaraiah (B.com) (2894 Points)
05 November 2022
sabyasachi mukherjee
(26047 Points)
Replied 06 November 2022
Kev Men
(756 Points)
Replied 06 November 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 06 November 2022
In both the cases the gifts received will be EXEMPT u/s. 56(2)(x)(b) read with explanation of 'relative' as written down below...
Gift received from a relative is not taxable in hands of the recipient under section 56 of Income Tax Act. The persons who are considered as relatives are
In case of an individual
In case of HUF – Any member of the HUF
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