Poonawalla fincorp
Poonawalla fincorp

Gift

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(Querist)
29 November 2010 My brother inlaw is residing in aborad. How much amount I shall accept from him, so gift tax is not attract to me. If I take more than the limit How much tax liablity arise
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
29 November 2010 Gift from relative is exempt from Tax. No limit in case of Gift.



Brother or sister of the spouse of the individual falls under Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961.

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