Gift tax

Tax queries 355 views 7 replies

My mothers' father is gifting me Rs.20 lakhs. Is this gift exempt from gift tax under the IT ACT?

I would be thankful for clarification on this subject.

Replies (7)

As per S.56(2)(vii) , gift received from relatives is not taxable.

Relative have been defined in the explanation and your case is covered in the coloured text.

[Its exempt in your hand but do prefer a gift deed.]

"relative" means,—

 (i) in case of an individual—

(A) spouse of the individual;

(B) brother or sister of the individual;

(C) brother or sister of the spouse of the individual;

(D) brother or sister of either of the parents of the individual;

(E) any lineal ascendant or descendant of the individual;

(F) any lineal ascendant or descendant of the spouse of the individual;

(G) spouse of the person referred to in items (B) to (F);

YES , it is exempt in your hand .

Fully exempted, no doubt about it.

agree with above

thanks & regards

 

exempt in ur hand but it will taxable in ur mother nd fathers hand
exempt in ur hand but it will taxable in ur mother nd fathers hand
exempt in ur hand but it will taxable in ur mother nd fathers hand


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