Taxability of gift received
This query is : Resolved
17 December 2015
hi sir,
please clarify my doubt.
i received gift from my wife cousion brother, who is in UK.
will it be the taxable to tax?
what should be the wayout for me legally to receive funds& pay tax.
Please give me the advice.
Thanking you.
please clarify my doubt.
i received gift from my wife cousion brother, who is in UK.
will it be the taxable to tax?
what should be the wayout for me legally to receive funds& pay tax.
Please give me the advice.
Thanking you.
17 December 2015
Dear Mr. Reddy
Gift received from relatives are not taxable.
Relative means:-
Definition of relative for the purpose of section 56(2)(vii) is reproduced as under:
(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).
Gift received from relatives are not taxable.
Relative means:-
Definition of relative for the purpose of section 56(2)(vii) is reproduced as under:
(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).
Message likes :
1 times
17 December 2015
https://www.caclubindia.com/articles/relatives-under-the-income-tax-act-a-relative-concept-963.asp?utm_source=articles&utm_medium=sharestrip&utm_campaign=socialshare
sir please see the 7th point, in that cousion is excluded from definition of relative.
sir please see the 7th point, in that cousion is excluded from definition of relative.
17 December 2015
Mr reddy
tell me exact status of ur cousin brother.
Who is he parental uncle son or maternal uncle son
tell me exact status of ur cousin brother.
Who is he parental uncle son or maternal uncle son
17 December 2015
And also any cousins are not covered in defination of the Relative.
17 December 2015
Gift received from cousins will be taxable in ur hands under the head income from other sources.
17 December 2015
relationship is ...
Brothers wife -father -sister -son.
and how can i legally receive funds¬ pay the tax
Brothers wife -father -sister -son.
and how can i legally receive funds¬ pay the tax
17 December 2015
your cousin is not a relative under income tax.
As ur cousin is nri
Receive money in your bank account
and then show it in the itr of that year as income under the head other sources(gift income)
As ur cousin is nri
Receive money in your bank account
and then show it in the itr of that year as income under the head other sources(gift income)
17 December 2015
can we break the gift received chain i.e son will give the gift to mother(sister), sister will giv the gift to brother...like that,,?
is it legally acceptable.
is it legally acceptable.
18 December 2015
DEAr
breaking of chain has no problem.
But if your case comes in scrutiny then that will become a case of tax evasion because you are creating a chain to avoid tax.
The ultimate source of gift would be the same i.e NRI.
In my opinion no need to create unnecessary hustle.
breaking of chain has no problem.
But if your case comes in scrutiny then that will become a case of tax evasion because you are creating a chain to avoid tax.
The ultimate source of gift would be the same i.e NRI.
In my opinion no need to create unnecessary hustle.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
