answer to my first question
This query is : Resolved
11 February 2010
Sir/Madam,
The answer which I received for my question is not specific.I had asked if I gift a piece of land to my cousin brother
,the said gift is taxable in his hand or not.Section 56 of I.T. Act mentioned that gift from brother or sister is not taxable but not clear about real brother or cousin brother.
Please clearify.
The answer which I received for my question is not specific.I had asked if I gift a piece of land to my cousin brother
,the said gift is taxable in his hand or not.Section 56 of I.T. Act mentioned that gift from brother or sister is not taxable but not clear about real brother or cousin brother.
Please clearify.
11 February 2010
Gifts received From Relatives
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts. Here the “relatives†term defines by the Income Tax act as follows :
1. Spouse of the individual
2. Brother or sister of the individual
3. Brother or sister of the spouse of the individual
4. Brother or sister of either of the parents of the individual
5. Any lineal ascendant or descendant of the individual
6. Any lineal ascendant or descendant of the spouse of the individual,Spouse of the person referred to in clauses (ii) to (vi).
For example if you are receiving gift of Rs.100000 from your uncle ( your mother’s brother), it is fully exempt from the Tax. Whenever you get the gifts please apply the relations in the above list to ascertain whether you are liable to pay any tax for the received gift.
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts. Here the “relatives†term defines by the Income Tax act as follows :
1. Spouse of the individual
2. Brother or sister of the individual
3. Brother or sister of the spouse of the individual
4. Brother or sister of either of the parents of the individual
5. Any lineal ascendant or descendant of the individual
6. Any lineal ascendant or descendant of the spouse of the individual,Spouse of the person referred to in clauses (ii) to (vi).
For example if you are receiving gift of Rs.100000 from your uncle ( your mother’s brother), it is fully exempt from the Tax. Whenever you get the gifts please apply the relations in the above list to ascertain whether you are liable to pay any tax for the received gift.
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