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Gifted amount

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25 Points Joined January 2021
Is there tax exemption as there are amounts spends for gifting to family members
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On 05 June 2021 at 16:36 Report
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CMA
13117 Points Joined May 2009

Gifts from relatives are exempt from tax.

For definition of relative: https://taxadda.com/meaning-of-relative-for-sec-56-2/

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On 05 June 2021 at 17:25
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Learner
2398 Points Joined May 2019
If your family members covered under relative definition as per IT Act then there will be no tax on gifted amount irrespective of amount/value of gift.
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On 05 June 2021 at 17:28
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2742 Points Joined October 2018
If the relative is under the definition of the relative then gift to relative is exempt.
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On 06 June 2021 at 01:55
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CA in practice
105 Points Joined April 2017
Gifts to relatives as specified under income tax act is exempted.any amount or kind gifted to such relatives will not be treated as income
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On 06 June 2021 at 03:40
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Chartered Accountant
24588 Points Joined November 2019
Yes gift between family members are exempt
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On 06 June 2021 at 05:48
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tax consultant
3306 Points Joined October 2018
It is not taxable income for recipient of gift
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On 06 June 2021 at 12:06
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Chartered Accountant
24588 Points Joined November 2019
Agree
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On 06 June 2021 at 13:56
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CHARTERED ACCOUNTANT
120 Points Joined January 2009
As per my understanding, you are asking about the gift giver, he cannot have any deduction for the amount given as gift. And in the case of recipients, if they come under relative definition then no taxable.
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On 06 June 2021 at 15:34
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Chartered Accountant
24588 Points Joined November 2019
Not taxable
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On 09 June 2021 at 11:20

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