gift of money is it taxable
Nimesh Laxman (6 Points)
24 September 2017Nimesh Laxman (6 Points)
24 September 2017
sanjay
(student)
(27 Points)
Replied 24 September 2017
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 24 September 2017
Yes. I agrred to Mr Sanjay...
It's to family members not taxable...
As per S. 2(41) of Income Tax Act, 1961, unless the context otherwise requires, the term “relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
Its important to understand the meaning of term ‘relative’ in the context of Income Tax Act/ Rules as there are many circumstances where disallowances or certain tax liabilities have been stipulated under difference IT Sections/ Rules, which may occur due to transactions even with a relative.
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 25 September 2017
If the family member you are saying falls under these relatives, then the gift is exempted
Spouse
Brother or sister
Brother or sister of the spouse
Brother or sister of either of the parents
Any lineal ascendant or descendant
Any lineal ascendant or descendant of the spouse
Spouse of the person referred to in points 2 to 6
lineal ascendant means parents, grand parents, great grand parents
lineal descendant means sons, grand sons and great grand sons
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 28 September 2017
There is no exemption limit for gift from relatives. It is completely exempted
Sreelalu Krishna
(25 Points)
Replied 28 September 2017
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)