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Gifted amount
Is there tax exemption as there are amounts spends for gifting to family members
Replies (9)
Quick Summary
Gifts from relatives are exempt from tax.
For definition of relative: https://taxadda.com/meaning-of-relative-for-sec-56-2/
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.
If the relative is under the definition of the relative then gift to relative is exempt.
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
Yes gift between family members are exempt
It is not taxable income for recipient of gift
Agree
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.
Not taxable
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