No. if the family member falls under the defination of relative as per section 2(41) of the IT act then any sum recievable from him or her as gift is not taxable

Yes. I agrred to Mr Sanjay...

It's to family members not taxable...

 

Definition of ‘Relative’ – Income Tax

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.

If the family member you are saying falls under these relatives, then the gift is exempted

1. Spouse

2. Brother or sister

3. Brother or sister of the spouse

4. Brother or sister of either of the parents

5. Any lineal ascendant or descendant

6. Any lineal ascendant or descendant of the spouse

7. 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

more than 50000 is taxable

There is no exemption limit for gift from relatives. It is completely exempted

Section 56(2)(vi) provides that any ‘sum of money’ (in excess of the prescribed limit of `50,000)
received without consideration by an individual or HUF will be chargeable to Income Tax in the
hands of the recipient under the head ‘Income from Other Sources’.
However, receipts of money (a) from relatives or (b) on the occasion of marriage or (c) under a
will or inheritance or (d) in contemplation of death of payee or donor are outside the scope of the
provisions of Section 56(2)(vi) of the Income-tax Act.
Similarly, anything which is received in kind having ‘money’s worth’ i.e. property is also outside the