What are the tax provisions if a person receives a cheque (Rs. 1000000 for example) from his close relative? will Rs. 10,00,000 will be added to GTI or Rs 9,50,000 and if it is charged under special rate or taxed as per slab?
7 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 28 September 2016
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts.
Sudarshan Chandila
(26 Points)
Replied 28 September 2016
But Mr Raj C Doshi as per my knowledge gift received in cash or kind is taxable above the limit of Rs.50000. Please correct me.
sumit
(artical)
(39 Points)
Replied 28 September 2016
Gift received from other then relatives is taxable us 56 of incometax act.
FCA surbhi jain
(FCA)
(897 Points)
Replied 28 September 2016
As per sec 56 (2) of income tax act, any sum of money or kind received from relatives is not taxable whatever the amount is.
There is no limit specified for gift from relatives. Whether its 100000 or 1000000.
I hope i have solved your query.
MUKESH SHARMA
(B.Com , MBA, CS*)
(108 Points)
Replied 10 October 2016
Agree With Raj, Sumit & Surbhi..
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