Received gift from relatived

Yes Suraj any Gift recived from relative as metioned in Sec.56(2) shall be exempt from tax irrespective of whether it is a movable or an immovable property and that to irrespective of the value of gift

for this you have to make clear that whether such relative is covered under section 56(2)

MEANING OF RELATIVES covered under the above refered section.....

(a) spouse of the Individual;

(b) brother or sister of the individual;

(c) brother or sister of the spouse of the individual;

(d) brother or sister of the either of the parents of the individual;

(e) any lineal ascendant or descendant of the individual;

(f) any lineal ascendant or descendant of the spouse of the individual;

(g) spouse of the person referred to in clause (ii) to (vi).

YES GIFT RECEIVED FROM RELATIVE IN FORM OF LAND FOR VALUE EXCEEDING RS.50 LAKH WILL BE EXEMPT FROM TAX AS PER PROVISIONS OF SECTION 56(2)

yes it is exempted

Hey Suraj

If the person whom you consider as relative is covered under the definition of Relative as per section 56 (2) of Income Tax Act, 1961 then the said gift is exempted from the income tax.

................God Bless You..............

gift received from relative is exempt from tax U/S 56

gift received from relative is exempt from tax U/S 56 of income tax act 1961

Gift received from a relative is exempt from tax u/s 56 (2) (vi/vii) unless the relative giving the gift falls under the definition of relative under the act.

Relative includes the follws

1) Spouse of the insividual

2) Parents of the individual

3) Brothers / Sisters of the individual

4) Brothers / Sisers of the parents of the individual

5) Lineal ascendents / lineal descendents of the individual

6) Brothers / Sisters of spouse of the individual

7) Parents of spouse of the individual

8) spouse of the person mentioned in 2 - 7 above.

           if the person giving the gift is covered in the above list then the giftis exempt from tax.

any gift received from relative is totally exempt..