gift from nephew
This query is : Resolved
29 March 2011
if an individual receives a gift of Rs.5,00,000 from his nephew by cheque then whether it is chargeable to tax or not
29 March 2011
Gift from relative is exempt from Tax. But Nephew do not fall under relative as defined u/s 56(2)(vii). So the amount of Rs 500000/- will be fully taxable.
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)
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For more details see file from above link.
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)
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For more details see file from above link.
29 March 2011
gift from non relative will be chargeable to tax ??
in the above case, i hope it is exempted from tax
in the above case, i hope it is exempted from tax
29 March 2011
Vivek Gift from Relative as per definition given above will be fully exempt from Tax.
Gift from non relative are exempt upto Rs 50000/-. So in this case gift will be fully taxable. Hope karne se kuch nahi hoga.
Gift from non relative are exempt upto Rs 50000/-. So in this case gift will be fully taxable. Hope karne se kuch nahi hoga.
29 March 2011
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
For more details please check out file from above link.
For more details please check out file from above link.
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