Gifts under income tax act
This query is : Resolved
07 November 2007
Is a gift received by Mr X from mother of his spouse comes with in the purview of gifts received from relatives and there by not taxable?
08 November 2007
Dear Mr. Krishna Murty
Yes,the gift recived by Mr. X from his mother of his spouse is not taxable to LIMIT amount rs.50000.
Its comes in the defination of relative.
as per income tax act,Relative includes
ANY LINEAL ASCENDANT OR DESCENDANT OF THE SPOUSE OF INDIVIDUAL IS A RELATIVE.
Yes,the gift recived by Mr. X from his mother of his spouse is not taxable to LIMIT amount rs.50000.
Its comes in the defination of relative.
as per income tax act,Relative includes
ANY LINEAL ASCENDANT OR DESCENDANT OF THE SPOUSE OF INDIVIDUAL IS A RELATIVE.
08 November 2007
Is it exempt only to the extent of Rs 50000... wht happens if the he received 100000... does lineal ascendent include both father and mother? like wise grand father and grand mother and so on...
19 November 2007
I think as per explanation given in section 56, mother of spouse flls under the definition of relatives. Hencve, no limit.
Please revert, if some one is not agreeing.
Please revert, if some one is not agreeing.
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