Tax impact on Gift Recd by an Individual

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Yasmin Salim Shaikh (Querist)
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08 September 2009 If an individual receives gift of Rs. 400000/- by cheque from his sister then is it taxable or not?

chetan soni (Expert)
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08 September 2009 gift received from relatives are not covered u/s 56. So above said gift will be taxfree for the individual.

Yasmin Salim Shaikh (Querist)
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09 September 2009 Thanks Mr. Chetan Soni

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