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Gift received by married daughter from grand mother

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 May 2018 Dear All,

Whether gift received by married daughter from her grand mother is taxable under Income Tax or not?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 May 2018 Not taxable as gift received from relatives.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
15 May 2018 Gift received by an individual from his/ her grandmother is NOT taxable as per Section 56(2)(vi) of the Income Tax act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 May 2018 Not taxable, but section is 56(2)(x) w.e.f 1-4-2017.

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