Dear Member,
Please help.
Gift in the form of land received from a relative.
Value of land is 50 lakhs.
Whether the above gift is exempt from tax? Please clarify
22 Replies
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 15 June 2011
yes the gift is exempted from tax
valji
(Accounts manager-MBA)
(2150 Points)
Replied 15 June 2011
gift from relative is exempt from tax
prerna
(student)
(91 Points)
Replied 15 June 2011
just check that the person is covered under defn of relative in 56(2)vii
Aravind..
(CA)
(1262 Points)
Replied 15 June 2011
Confirm the relation with the act. Only gifts from few relations are exempted
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 15 June 2011
gift received from relative is exempt
Vishal
(a)
(48 Points)
Replied 15 June 2011
Yes. It is exempted as gift is received from relative
however before that you must know who include in relatives.
Shiv Shankar
(Accountant)
(78 Points)
Replied 15 June 2011
gift received from relatie is exampt bt confrm the relative according the income tax act
Aparna Raja K.C
(Student)
(520 Points)
Replied 15 June 2011
Gift Received from Relative is Exempt under section 56 of IT Act :)
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 16 June 2011
It is exempted ,
Provided d relative is as per d defintion of relative as mentioned under explaination to proviso u/s56 (2) (v).
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 16 June 2011
very well answersed by everybody.....
CA Anurag Sulodia
(Chartered Accountant)
(250 Points)
Replied 16 June 2011
Gift Received from relatives is exempt provided the relative falls under the defination of relation as given in section 56(2)vii
CA Akhil Mittaal
(B.Com(h), SRCC )
(2159 Points)
Replied 16 June 2011
Yes as per sec 56(2)(vii), any gift including movable & immovable property from the relative is EXEMPT....As aravind said gift from selected relatives are exempt. Refer the provisions of the section.
Attached File : 159691 741135 gifts under income tax act.pdf downloaded: 220 times
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