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Gift and gift tax

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Querist : Anonymous

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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
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
13 March 2018 1. From relatives (defined under 56(2)(vii) - there is no limit

2. for non-relatives - Rs 50000
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Querist : Anonymous

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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
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 March 2018 you should read the section I referred to.

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