Gift Exempt - Professionals - Taxation - TIK Share
0 Likes 363 Views

Gift Exempt


SANJAY KUMAR GANNA

2014-05-08

Hi Friends, Please clear my doubt i.e.

1. Gift from Mother of Mother in law to grand daughter in law is exempt under IT Act. 

2. Gift from Mother of Mother in law (Nani) to Grand Daughter (Major) is exempt under IT Act.

Reply me at ther earlier.

Rahul Rai

2014-05-08

 

Gifts received from relatives are exempted as per Income Tax Act. The Relatives as per income tax act are:

  1. spouse
  2. brother/sister
  3. brother/sister of spouse
  4. brother/ sister of either of parents
  5. lineal ascendents/descendents
  6. lineal ascendents/descendents of spouse
  7. spouse of persons mentioned above

In your question, Since, the gift is received from Mother of Mother in law (this comes under point 6 above) the gift is exempted.

Reply