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Gifted amount

Vineeth Vijayan (23 Points)

05 June 2021

Is there tax exemption as there are amounts spends for gifting to family members

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9 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 05 June 2021

Gifts from relatives are exempt from tax.

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

Sivaramaraju G (Learner) (2398 Points)
Replied 05 June 2021

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.

Ankit Neema (2742 Points)
Replied 06 June 2021

If the relative is under the definition of the relative then gift to relative is exempt.

CA.S.Pradeep B.Com.,FCA., (CA in practice) (105 Points)
Replied 06 June 2021

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

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 06 June 2021

Yes gift between family members are exempt

veerendar singh (tax consultant) (3301 Points)
Replied 06 June 2021

It is not taxable income for recipient of gift

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 06 June 2021

Agree

Koneri Balaji (CHARTERED ACCOUNTANT) (120 Points)
Replied 06 June 2021

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.