Respected Seniors,
I want to know if i got 5 lac indian rupees as a gift from my grandmother then is it tax free for both or taxable?
note down that my grandmother is senior citizen.
Please suggest me. i am waiting for your help.
Dinesh Sharma
9 Replies
Z
( )
(2965 Points)
Replied 15 December 2011
Gift from relatives is not taxable.Hence gift recevied by you is not taxable.
praveen
(Chartered Accountant)
(6971 Points)
Replied 15 December 2011
Yes gift received from near relatives are not taxable.
Anyways if you derive any income out the money received from your grandmother the same shall be taxable in the hands of your grandmother and not you.
Sunil
(Internal Auditor)
(334 Points)
Replied 15 December 2011
Money of property received from a RELATIVE as gift shall not be considered as income.
Defenition of relative is as follows
Relative Means;-----
(i) spouse of the individual,
(ii) brother or sister of the individual,
(iii) brother or sister of the spouse of the individual,
(iv) brother or sister of either of the parents of the individual,
(v) any lineal ascendant or descendant of the individual,
(vi) any lineal ascendant or descendant of the spouse of the individual, and
(vii) spouse of a person referred to in items (2) to (6) mentioned above.
Your grant mother is a lineal ascendant to you so the payment is exempted
amit jain
(Chartered Accountant)
(532 Points)
Replied 15 December 2011
the same is exempted and you can prepare a gift deed for the same.
CA. Gopi Vijayaragavan
(CA in Service)
(70 Points)
Replied 15 December 2011
Dear Praveen,
As you said, the income earned out of gift money received from will not attract clubbing provisions. To attract clubbing provisions, it must be recoverable transfer.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 15 December 2011
| Originally posted by : dinesh sharma | ||
 |
Respected Seniors, I want to know if i got 5 lac indian rupees as a gift from my grandmother then is it tax free for both or taxable? note down that my grandmother is senior citizen. Please suggest me. i am waiting for your help. Dinesh Sharma |
 |
non taxable in hand of receipent
regarding the taxability of donee, it must be offered from "tax paid income"
praveen
(Chartered Accountant)
(6971 Points)
Replied 17 December 2011
| Originally posted by : V.Gopi | ||
|
|
Dear Praveen, As you said, the income earned out of gift money received from will not attract clubbing provisions. To attract clubbing provisions, it must be recoverable transfer. |
|
Both of us are wrong.
If the transfer is not to the persons specified i.e. spouse, Daugher in law, minor sons or daughters.
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