my father recieved 10,63,455 from his cousin . he is not a relative as per income tax act.
reason : my dad's cousin's mom mentioned in her ""will"" that "the balance on 30.6.2019 in andhra bank will be recieved by guptha(my father) . also mentioned that she gives that amount out of affection. since she died her son transferd to my dad's bank account.
is that amount recieved is taxable as per income tax act
thank u
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gifts under income tax
Replies (3)
Taxation on gift provided U/S 56(2) of income tax act 1961. As per income tax act gifts received from non relative are taxable in the hands of recipient under the head of other Sources and there is no taxation for the donor.
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in the same section ther is a point that
gifts recieved under will is exempt
what about this
gifts recieved under will is exempt
what about this
In the case of Income-tax Officer v. Mahabir Jute Mills Ltd. [1983] 17 TTJ (ALL.) 49 it was held that cousins cannot be considered as relatives.
Hence any gift received from non relative of any nature whether by way of will or anything else
It is wholly taxable
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