taxability on gift
This query is : Resolved
22 July 2010
If i recieve a gift of rs.10,00,000(ten lac) from my mother's sister through a bank draft on 01.08.2010 then do i am liable to pay income tax on the amount recieved without consideration.please advice me and you can also send me email on nitinsaraff@gmail.com
22 July 2010
Gift recd from a relative is exempt from tax. Brother or sister of either of the parent's of the relative is included in the term relative. therefore u need not pay any tax on the above
Message likes :
1 times
22 July 2010
It will be exempt as gift received from relatives are exempt.
For the purposes of this clause, relative means
(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).
Your case falls under (iv)
For details you can download file from following link---
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For the purposes of this clause, relative means
(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).
Your case falls under (iv)
For details you can download file from following link---
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
Message likes :
1 times
22 July 2010
Well explained by CMA. Sanjay Gupta.
You need not pay any tax.
You need not pay any tax.
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?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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 ?
Trending Online Classes
CAclubindia
