TAX SLAB ON GIFTS

This query is : Resolved

Maheshwari (Querist)
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31 May 2008 If my maternal grand father gifts me a amount, will it be taxable ? He has already paid tax on this amount !

Or suppose, he has put my name on his WILL, and later if i get this amount, will again it will be taxable ? If yes, what will be the % slabs ?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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31 May 2008 Any sum of money, the aggregate value of which exceeds Rs. 50,000/- received by an Individual or HUF from any person (s), in any previous year, except in the following cases:-

On the occasion of marriage of the individual;

Under a Will or by way of Inheritance;

In contemplation of death of the payer;

Amount received from any local authority as defined in the explanation to clause (20) of section 10;

Amount received from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10 ;

Any amount received from any trust or institution registered u/s 12AA.

Any Relative, i.e., spouse of the individual, brother or sister of the individual, brother or sister of the spouse of the individual, brother or sister of either of the parents of the individual, any lineal ascendant or descendants of the individual, any lineal ascendants or descendants of the spouse of the individual, and spouse of the persons referred to hereinbefore
in your case you are receiving gift from maternal grand father is relative or not is important when WILL is made & received is not taxable