Gifts from relatives
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2013
Does gifts received from specified relatives
should be shown in I T Returns.
Gifts from relatives are capital receipt or
income receipts.
Is there any caselaw regarding this.
Does section 10 of income tax shows that
Gifts from relatives as exempted income.
--------------------------------------------------
should be shown in I T Returns.
Gifts from relatives are capital receipt or
income receipts.
Is there any caselaw regarding this.
Does section 10 of income tax shows that
Gifts from relatives as exempted income.
--------------------------------------------------
20 September 2013
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts.
Here the “relatives” term defines by the Income Tax act as follows :
Spouse of the individual
Brother or sister of the individual
Brother or sister of the spouse of the individual
Brother or sister of either of the parents of the individual
Any lineal ascendant or descendant of the individual
Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
Here the “relatives” term defines by the Income Tax act as follows :
Spouse of the individual
Brother or sister of the individual
Brother or sister of the spouse of the individual
Brother or sister of either of the parents of the individual
Any lineal ascendant or descendant of the individual
Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
20 September 2013
Agreed with the expert. In addition i just want to tell you that gifts received are revenue receipts which are exempted from tax if received from relatives.
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