Gift received from relative is exempt grand father is either of parents father and he is lineal ascedant it is exempt from tax from gifts comes under the head income from other sources.
Gift received from grandfather
Page no : 2
rohan pirange
(student )
(21 Points)
Replied 18 February 2013
Gifts from Relatives are Tax-Exempt
Importantly, the provisions of the aforesaid Section 56(2)(vi) applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate are applicable for gifts received from non-relatives. Thus, any gift from relatives of any amount during the financial year is completely exempt from tax. . The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
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Spouse of the individual;
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Brother or sister of the individual;
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Brother or sister of the spouse of the individual;
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Brother or sister of either of the parents of the individual;
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Any lineal ascendant or descendant of the individual;
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Any lineal ascendant or descendant of the spouse of the individual; and
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Spouse of the person referred to in clauses (ii) to (vi).
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