10 April 2023
Yes, why not; but will be taxable under IT act, if the value exceeds Rs. 50,000/-
For the purpose of exempting certain gifts received from relatives under Section 56(2)(v), the term “relative” has been defined in the Explanation to the said clause to include:
(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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