DIXIT VERMA (Professional) (103 Points)
23 October 2008
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 23 October 2008
Cash gift from
1)Spouce of brother of father or mother
2)Spouce of sister of father or mother.
are exempt under explanation (vii) of Proviso to clause (v) of section 56 of the Income tax Act 1961.
L. Gomathi
(Accounts Coordinator)
(41 Points)
Replied 23 October 2008
can anyone tell me, If i receice a gift in cash from son of brother/sister of parents, is it exempt or taxable?.
DIXIT VERMA
(Professional)
(103 Points)
Replied 24 October 2008
CAclubindia
