Exempted gifts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2013
I have taken now gift of 2 lakhs from my uncle ( Younger brother of my father).
Further my wife has taken gift from my
younger brother of rs 3 lakhs.
are both the gifts will be tax free.
Further my wife has taken gift from my
younger brother of rs 3 lakhs.
are both the gifts will be tax free.
22 September 2013
Yes. as long as gift is received from persons covered under the definition of relative, it is not taxable in the hands of the recipient.
22 September 2013
Yes, Gift whether in Cash or in Kind from relatives defined under the IT Act,1961 is exempt from tax...
Your Uncle and your Brother come under the purview of the relatives...
Your Uncle and your Brother come under the purview of the relatives...
Guest
Guest
(Expert)
22 September 2013
Yes these gifts are totally exempted.
but
you should have an evidence in advance that your uncle and your younger brother are having capacity and fund in books to give gift....
but
you should have an evidence in advance that your uncle and your younger brother are having capacity and fund in books to give gift....
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
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
