Gift received from Grand father to Grandsons

09 October 2023

Dear Sir, Grandfather gift to his Grandsons of Rs. 50 Lacs. Grandsons have liability to pay income tax on these gift received ? and any limits

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 09 October 2023

No... The said gift exempted as per income tax act.

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sabyasachi mukherjee (27574 Points)
Replied 10 October 2023

Now if the gift includes capital asset. Still it is not transferable.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 10 October 2023

Originally posted by : sabyasachi mukherjee
	Now if the gift includes capital asset. Still it is not transferable.

What a great reply 😃😃😃

Keep it Up Sir...

Ashwin Kumar (CA ipcc) (449 Points)
Replied 12 October 2023

Raja sir, do grandfather fall under the definition of relative as per section 56 ?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 12 October 2023

Originally posted by : Ashwin Kumar
	Raja sir, do grandfather fall under the definition of relative as per section 56 ?

Yes Dear...

Is there any wrong...??!!

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 14 October 2023

My this video is answer of your all the questions

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