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income tax

Shankar (58 Points)

10 May 2007

what is tax treatement of gift when recd. from relative exceeding rs. 25000

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3 Replies

Ajay Kumar Garg, Fca (19 Points)
Replied 10 May 2007

Dear Friend
Gift received from a relative (as per definition in Income Tax ) irrespective of the amount is not liable to treated as income of the recipient.

Manish (34 Points)
Replied 10 May 2007

Hi shankar,

Under income tax, Gift represented by any sum of money received without consideration by an individual or HUF from a relative on or after 1.9.2004 is not liable to tax.

M.Sriram Shenoy (CA Final) (814 Points)
Replied 25 February 2008

Gift received in cash or in kind will be exempt irrespective of the amount or value, if it is received from a relative.

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