gift in cash

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2011
1)whether gift received in cash rs. 150000 on marriage from cousin brother is taxable or not??

2)above question without marriage??

can cash be given in gift or cheque is compulsory??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 March 2011 1) Exempt.
2) 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)

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 March 2011 Also see below link for details--

https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp

https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp

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