Gift income
This query is : Resolved
03 September 2011
I am an individual and received a gift from my relative in cash form Rs.7 lac. Please suggest how I can treat this amount in my income tax return; also suggest the maximum limit of gift income.
I am an individual and received a gift from my relative in cash form Rs.7 lac. Please suggest how I can treat this amount in my income tax return; also suggest the maximum limit of gift income.
03 September 2011
Gift income from relatives is exempted from tax. Even it is received in any mode. Just put a gift deed to prove before authorities.
Note : Relatives are defined under section 56(2)
Note : Relatives are defined under section 56(2)
03 September 2011
The definition of Relative as per Income tax Act,1961:-
Explanation. — For the purposes of this clause, “relative” means—
(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);]
Explanation. — For the purposes of this clause, “relative” means—
(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);]
03 September 2011
NOw please confirm the Relative from whom you have received the gift, if covered in the above definition.
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