Money gift from grand mother
This query is : Resolved
09 April 2019
Dear sir, My grand mother is going to sell her rural agricultural land by which she will gain 40 lakh.
Now my grand mother will gift me 40 lakh by cheque via banking system. I do earn 25 lakh per annum. And If I will get this 40 lakh gift from my grand mother.
I am deeply worried about any sort of tax liability of gift on me. I want to be perfectly sure about the event of any tax before selling agricultural land so as there would be no fear after receiving the gift.
Please sir specify the clause of Tax Laws
1- What is tax liability on me ?
2- what is tax liability on my grand mother ?
Thanks in advance
Now my grand mother will gift me 40 lakh by cheque via banking system. I do earn 25 lakh per annum. And If I will get this 40 lakh gift from my grand mother.
I am deeply worried about any sort of tax liability of gift on me. I want to be perfectly sure about the event of any tax before selling agricultural land so as there would be no fear after receiving the gift.
Please sir specify the clause of Tax Laws
1- What is tax liability on me ?
2- what is tax liability on my grand mother ?
Thanks in advance
10 April 2019
There is no capital gains tax liability as rural agriculture land is not treated as a Capital Asset U/s 2(14).
Further there is no tax on your receipt U/s 56(2)(vii) as the same emanates from the relative who is a lineal ascendant .
Further there is no tax on your receipt U/s 56(2)(vii) as the same emanates from the relative who is a lineal ascendant .
10 April 2019
Sir, how to decide the Agricultural land is RURAL or not ?
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- IGST Credit-Show cause notice issued-confusion
- 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?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
CAclubindia
