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Taxation of gifts

IPCC 247 views 4 replies

Nitish Kumar

73 Points Posted on 19 July 2018

Are gifts(cash or kind) from 1/10/2009 taxable for all persons whether received from relative(father or son etc.) or non- relatives(friends or strangers)?

Replies (4)

CA Sunil Kumar

Chartered Accountant

4524 Points Posted on 19 July 2018

Gifts received from relatives are exempt from income tax.

Nitish Kumar

73 Points Posted on 19 July 2018

all types of gifts from relatives? exempt

CA Sunil Kumar

Chartered Accountant

4524 Points Posted on 19 July 2018

Yes, No monetary limit, but relative should cover under definition of relatives given in act for gift purpose.

Nitish Kumar

73 Points Posted on 19 July 2018

thank you sir..this app is so helpful for query

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