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gift ememption under income tax act

ANIL KUMAR KHETAN (PROPRIETOR) (527 Points)

03 February 2019

Gift received from great great parents from son's son's wife fully exempt or not , Please advise .

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174755 Points)
Replied 03 February 2019

Who is donor?

& who is gift receiver?

Query not clear....

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ANIL KUMAR KHETAN (PROPRIETOR) (527 Points)
Replied 03 February 2019

donor is great grand father . Dondee is son's son's wife .Gift totally exempt or not

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174755 Points)
Replied 03 February 2019

Not exempt. Taxable if above Rs. 50000

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174755 Points)
Replied 03 February 2019

Sorry, its exempted. [Inference sec. 56(2)(x)(c)(I) of IT act]

saurabh sawlani (2191 Points)
Replied 04 February 2019

What I get from your question is, that grandfather of the husband gave a gift to his granddaughter in law. If this is correct, then the gift is completely exempt and no taxability arises. As per income tax law, No tax is applicable if the gift is received from a relative and that relative is included in the definition of relative.

Since any lineal ascendant or descendant of the spouse of the individual is covered in the definition of relative. Therefore it is exempted.