WebApr 16, 2024 · As per the Income-tax act, the term “relatives” is described in detail. A gift received in the form of cash, cheque or good from your relative is fully exempt from tax. … WebGift Tax Exemptions. Though gift tax is applicable on gifts whose value exceeds Rs.50,000, the gift is exempted from tax if it was given by a relative. The income tax rule specifies who can be considered as a relative and the list is mentioned below. There are several other situations where the gifts can be exempted from tax.
Frequently Asked Questions on Gift Taxes Internal Revenue …
WebNov 30, 2024 · By India Today Web Desk: There are many ways in which individuals in India can save tax under various sections of the Income Tax Act.One such way to reduce tax … Web8 rows · Jan 13, 2024 · It is to be noted that gifts received by any person are subject to Income Tax as per the ... graphic illustration sample
Whether gift my maternal grandmother to the grand son is …
WebApr 16, 2024 · As per the Income-tax act, the term “relatives” is described in detail. A gift received in the form of cash, cheque or good from your relative is fully exempt from tax. So if you receive a gift money from any of your relatives listed below, you are not liable to pay any tax on the same. Gift received from a relative is not taxable in hands ... WebNov 29, 2024 · However, Income tax act has a very different take on gift and has covered different types of gift under taxability by virtue of section 56. Earlier gift was only charged … WebJun 5, 2024 · Thus brother's wife being spouse of person under item 2 is covered under item 6. 3 Dated: 25-7-2011. By:- Sunil K. Jain. Dear Neeraj. As per section 56 (v) (a) of the income tax act, and vide expalanation (ii) and (vii) there of ; brother's wife is covered under the definition of "relative". The same is therefore not taxable. chiropodist hemsworth