Gift
This query is : Resolved
09 June 2010
1) Please explain how much gift one can take in a financial year from the Relatives and Non relatives in Cash ,Kind or Cheques?
2) Who are the relatives from whom one can take gift under the income tax act
2) Who are the relatives from whom one can take gift under the income tax act
09 June 2010
Gift from non relative can be taken upto Rs. 50,000/- per year in all modes.
There is no limit for gifts from relatives.
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).]
There is no limit for gifts from relatives.
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).]
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09 June 2010
FOR DETAILED ANALYSIS ON GIFT, PLEASE CLICK ON BELOW LINK
http://www.itatonline.org/articles_new/index.php/law-on-taxability-of-gifts-a-comprehensive-analysis/
http://www.itatonline.org/articles_new/index.php/law-on-taxability-of-gifts-a-comprehensive-analysis/
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