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Gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 February 2014 gift revived from My mom's dad is taxable or not as per section 56..???????
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Sandeep Dharar

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Sandeep Dharar (Expert)
19 February 2014 Gifts received frm relatives r exempted from Tax. and mother & father comes in list of relatives
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 February 2014 yes exempted as per explaination to sec 56(1).
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 February 2014 Relative for the purpose of Section 56(2)(vii) includes any lineal ascendant or descendant of the individual.

Lineal ascendant will include mother's father.

Accordingly gift from mother's father will not be taxable.

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