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Gift Tax

rajesh (Accountant) (583 Points)

02 July 2011

Dear Sir

An Asseessee Cash Gift Received from His Brother or Sister or any Blood Relative was Rupees 10,00,000/- or above is this amount is taxable or not if taxable please tell howmuch amount is exempt received from relative

thanking you

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3 Replies

C.A SHASHANK GOYAL (Chartered Accountant) (362 Points)
Replied 02 July 2011

Hi Rajesh , I would like to bring information to your knowledge that gift tax has been abolished , and gift provisions under the income tax act is governed by the provisions of section 56(2)(vii) , by virtue of which gift if received by individual and huf exceeding Rs 50000 is received from any relatives as defined in explaination to that section will not be taxable . So, I would like you to through that explaination and find whether relatives you are trying to relate are covered under that or not .

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valji (Accounts manager-MBA) (2150 Points)
Replied 02 July 2011

agree with above gift from relative exempt from tax

CA Himanshu Khurana (Chartered Accountant) (813 Points)
Replied 02 July 2011

Originally posted by : SHASHANK GOYAL
	Hi Rajesh , I would like to bring information to your knowledge that gift tax has been abolished , and gift provisions under the income tax act is governed by the provisions of section 56(2)(vii) , by virtue of which gift if received by individual and huf exceeding Rs 50000 is received from any relatives as defined in explaination to that section will not be taxable . So, I would like you to through that explaination and find whether relatives you are trying to relate are covered under that or not .