pls tel me when do gift tax is attracted, one of my client is getting cheque of Rs 250000 fro his brother wheather gift tax is attracted. she is receiving in 2011-12.
from whom u can accept cash without consideration & gift tax is not attracted
3 Replies
SAURABH NENE
(Chartered Accountant)
(226 Points)
Replied 27 July 2013
Gift from a Relative is exempt. As gift is being received from brother, no gift tax
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 July 2013
Looking at the section 68, it is advisable to have a certain documentary proof of gift received from a relative even if it is tax-free.
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114230 Points)
Replied 27 July 2013
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
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