Gifts

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

25 March 2012

HELLO FRIENDS, CAN ANYBODY TELL ME IF A CHILD GIVES THE GIFT IN CASH TO HIS PARENTS

THEN ALSO IT IS EXEMPTED.

PLS. HELP ME.

THANKS.

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2 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 25 March 2012

YES. IT IS EXEMPT.

Phalgun (Audit Manager) (327 Points)
Replied 25 March 2012

In the context of law any gift received from a relative is exempt from law. For your info read the definition of relative as below :

relative” means—

(i) spouse of the individual;

(ii) brother or sister of the individual;

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

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

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

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

(vii) spouse of the person referred to in clauses (ii) to (vi);]

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