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
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---
CAclubindia
