Gift tax exemption under sec 56(2) of income tax

In response to your query,

Yes it is covered under section 52(2) of the Income tax act. According to this section gifts received from the following members of the family are not taxable:

– Spouse of Individual

– Brother & Sister of Individual

– Brother & Sister of Spouse of Individual

– Brother & Sister of either of the parents of Individual

– Any Lineal ascendants or descendants of the individual

– Any Lineal ascendants or descendants of the spouse of the individual.

Regards,

Aryan Raj