RECEIVED GIFT

This query is : Resolved

Pragnesh D.Shah (Querist)
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08 February 2011 1.The Parents gives gift to the step son, Is this taxable in the hands of Step son or not,because it is legally adopted son. Please give the Ans.any decided case law.

2.the Assessee has received gift from his aunty, Is this taxable in the hands of Assessee or not??

Kapil Gupta

Kapil Gupta (Expert)
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08 February 2011 1. the gift received from father (legally adopted) is exempt.
2. The gift is taxable under section 56 subject to exempt amount of Rs.5000. The gift is exempt from the relatives if the same has been received on some function like marrige etc

Guest

Guest (Expert)

09 February 2011 Both the abovesaid gifts are not taxable in the hands of donees.

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