Gift from a relative
This query is : Resolved
07 November 2013
Can i take a gift from my niece of Rs. 15 Lacs?
13 November 2013
Dear Ankit
Gifts in excess of Rs.50000 are subject to tax as per sec 56(2), but neice is not covered meaning of 'relative' .Hence no tax liabilty will arise.
Gifts in excess of Rs.50000 are subject to tax as per sec 56(2), but neice is not covered meaning of 'relative' .Hence no tax liabilty will arise.
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