monetory gift to married sister
This query is : Resolved
09 April 2009
Hi Friends,
Can you pls answer me that is monetory gift of Rs 50,000 given to married sister by cheque is taxable. If the answer is Yes, who will liable to tax and on what amount?
Can you pls answer me that is monetory gift of Rs 50,000 given to married sister by cheque is taxable. If the answer is Yes, who will liable to tax and on what amount?
10 April 2009
no its not taxable as its given on marriage
10 April 2009
Not Taxable.
10 April 2009
Even if it is not given on marriage the amount is not taxable as it is given to relative.
Your sister need not pay any Income Tax
Your sister need not pay any Income Tax
13 April 2009
as per the gift tax provisions of i.t act. any amount of gift received from a relative as defined by the Act. is exempt from i.tax.
in your case. your sister received a cash gift from her brother (i.e you), who is a defined relative as per the Act, hence she is not taxable.
her marital status is not relevant for this provision as long as she is your relative
in your case. your sister received a cash gift from her brother (i.e you), who is a defined relative as per the Act, hence she is not taxable.
her marital status is not relevant for this provision as long as she is your relative
13 April 2009
hello... as per the provisions of gift tax as per i.t.act....any amount of gift received from a relative as defined by the act is exempt from tax.
in the given case your sister is a relative as defined by the act, hence her receiveng the gift from you is exempt in her hands...
note. her marital status is not relevant for this provision as long as she is your relative.
in the given case your sister is a relative as defined by the act, hence her receiveng the gift from you is exempt in her hands...
note. her marital status is not relevant for this provision as long as she is your relative.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- REGARDING GST ON COMMERICIAL PROPERTY
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Regarding Form 15CA & CB
- BLOCKED-INELIGIBLE GST CREDIT
- Amendment of September 2021 Invoice
- GST Annual Returns filing due date
- PAYMENT NOT SEND IN 180 DAYS
- Payable outstanding for years disallowance
- Laboratory Material
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
