Gift and gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2018
Hi all,
Just want to confirm the following.
1. How much amount one can receive as gift (By way of Cheque)
2. From whom one can received amount as gifts.
3. what is exemption limit the income tax on gifts and what is the tax treatment thereon.
Many thanks in advance.
Regards
Just want to confirm the following.
1. How much amount one can receive as gift (By way of Cheque)
2. From whom one can received amount as gifts.
3. what is exemption limit the income tax on gifts and what is the tax treatment thereon.
Many thanks in advance.
Regards
13 March 2018
1. From relatives (defined under 56(2)(vii) - there is no limit
2. for non-relatives - Rs 50000
2. for non-relatives - Rs 50000
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2018
Thanks for your reply sir...
Just want to clear bit further...can a SON receive gift amount from his mother's mother ?.
Regards
Just want to clear bit further...can a SON receive gift amount from his mother's mother ?.
Regards
14 March 2018
you should read the section I referred to.
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