Gift
This query is : Resolved
13 January 2012
If any person received gift from his brother staying abroad say Rs.5,00,000/- then its taxable ya exempt.?
If not exemp, then a person staying abroad can send money in his brother's account for dependent parents?????
If not exemp, then a person staying abroad can send money in his brother's account for dependent parents?????
13 January 2012
Gift received from brother is exempt from TAX as Gift Received from relatives are exempt from Tax..
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(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)
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(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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13 January 2012
but sir, limit of Rs. 50000/- is applicable?? ya unlimited amount????
13 January 2012
No limit for gifts from relatives. In case of others limit is Rs 50000/-.
Further in case gift is received on occasion of marraige, will be exempt from TAX whether received from relatives or non-relatives.
Further in case gift is received on occasion of marraige, will be exempt from TAX whether received from relatives or non-relatives.
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