Gift income
This query is : Resolved
16 December 2015
Dear Sir
Rgds
Lot of thanks for your guidelines from time to time.
Now the next query is as follows:
================================
One of my friends is working in Dubai and his total remittance is getting credited into the saving account of his mother. In Fy 2014-15 total credit is exceeding Rs 30 Lacs. Shall it be treated on account of Gift? Please let me know the section of income tax for my ready reference. Is there any tax on gift income or this type of income from blood relatives is 100% exempted ? or there is a certain limit for giving gifts to blood relatives.
Please guide me and oblige.
Yrs tarique rizvi
982 1630 130
Rgds
Lot of thanks for your guidelines from time to time.
Now the next query is as follows:
================================
One of my friends is working in Dubai and his total remittance is getting credited into the saving account of his mother. In Fy 2014-15 total credit is exceeding Rs 30 Lacs. Shall it be treated on account of Gift? Please let me know the section of income tax for my ready reference. Is there any tax on gift income or this type of income from blood relatives is 100% exempted ? or there is a certain limit for giving gifts to blood relatives.
Please guide me and oblige.
Yrs tarique rizvi
982 1630 130
16 December 2015
There is no limit for gift to relatives. Entire amount is 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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16 December 2015
Thank u Sajay Bhai. Earlier also u have given me the best guidelines. I pray for yr bright future and prosperity. My name is tarique rizvi 9821630130 and have just started income tax practice. Once again thank u very much. yrs affectionately tarique rizvi 9821630130 tarique_rizvi@rediffmail.com
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