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Gifts Income
Hi Friends...
If i receice a gift in cash from spouse of brother/sister of parents, is it exempt or taxable? If exempt, then upto what limit is it exempt?
What if the gift received is in kind?
Plz reply...
Thanx...
Replies (3)
Cash gift from
1)Spouce of brother of father or mother
2)Spouce of sister of father or mother.
are exempt under explanation (vii) of Proviso to clause (v) of section 56 of the Income tax Act 1961.
can anyone tell me, If i receice a gift in cash from son of brother/sister of parents, is it exempt or taxable?.
What if the above gift (very first question) is inkind else then in cash???
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