Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2018
Please let me know the Gift received from relatives is taxable and what is the limit one can give gift.
31 August 2018
Gift received from specified relatives is exempt under Income tax Act.
03 November 2021
Gift from the following relatives is tax free under sec. 56(2) of IT act.
https://taxguru.in/income-tax/list-relatives-covered-under-section-562-income-tax-act1961.html
https://taxguru.in/income-tax/list-relatives-covered-under-section-562-income-tax-act1961.html
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