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U/s.56 of it act 1961

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 June 2015 I have taken one lakh as cash gift from my own Elder Brother's Son.whether Taxable or Not...
we received answer from you as not taxable.The above relation is not in the relative list U/s.56
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
23 June 2015 it is not taxable...............
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 June 2015 what's the reason for not taxable
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2015 I have to take Rs.1,00,000/- as a cash Gift from my own Brothers Son ,Will Gift tax attract or not
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 July 2015 read the very section you are referring to in your query

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