gift exempt from income tax
Satish Kavitake (389 Points)
11 July 2018
sir, gift from father to daughter is exempt from income tax? pl provide income tax section reference
2 Replies
prasad Nilugal
(3914 Points)
Replied 11 July 2018
Gift received from relative is not taxable in the hands of receipeint . please go through section 56/ 2 of the income tax act 1961
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 11 July 2018
Yes... The gift is tax free.
Please go to refer sec 56(2) of IT act....
***
As per the Income Tax Act: Section 2(41), “relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
As per Gift tax:Any ‘Relative’ means as per Section 56(2),
SpouseBrother or sister of individual or of spouseBrother or sister of either parentsLineal ascendant/descendant of individual or of spouseSpouse of relatives mentioned in 2. to4.
Please go to refer sec 56(2) of IT act....
***
As per the Income Tax Act: Section 2(41), “relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
As per Gift tax:Any ‘Relative’ means as per Section 56(2),
SpouseBrother or sister of individual or of spouseBrother or sister of either parentsLineal ascendant/descendant of individual or of spouseSpouse of relatives mentioned in 2. to4.
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