Gift from a relative

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Querist : Anonymous (Querist)

29 November 2010 Is there any limit to receive a gift from a relative?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 November 2010 no

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 November 2010 Gift from relative is exempt from Tax. No limit in case of Cash Gift.

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)

https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp

For more details see file from above link.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 November 2010 There is No limit in case of non Cash Gift also from a relative.

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