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Q. > Please Help: test your knowledge
Dear All,
Kindly guide me on the following issue
Will any tax liability arise if Mrs."Z" sister of Mr."X" give cash or kind (amounting to Rs.10 lacs+ ) as GIFT to Mrs."X".
Kindly provide me with relevant provisions and / or case laws as per income tax act.
Note - Mrs."X" is wife of Mr."X" and all the above three share natural relationship.
Mrs. "Z" (Donor) and Mrs. "X" (Donee).
answered Oct 29, 2013 by shankygarg , Karnal
The provisions of Section 56(2)(vi) are applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate, for gifts received from non-relatives.
Thus, any gift from relatives of any amount during the financial year is completely exempt from tax. Here,Mrs."X" is relative of Mrs."Z"(Spouse of brother & sister is also a relative).
answered Oct 29, 2013 by shankygarg , Karnal
The provisions of Section 56(2)(vi) are applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate, for gifts received from non-relatives.
Thus, any gift from relatives of any amount during the financial year is completely exempt from tax. Here,Mrs."X" is relative of Mrs."Z"(Spouse of brother & sister is also a relative).
Experts Panelist
Comments
deepak
30-Oct-2013 , 11:37:57 amRelative means:- 1)spouse of an individual 2)Brother & sister of Individual 3)Brother or sister of the spouse of the individual 4)Brother & sister of the either of the parents of the individual With reference to third point i.e "brother & sister of the spouse of the indidual" covers and shows relations with the assessee, and therefore any amount recvd above 50000 from related party will be exempt