Gift tax

Harshad Mavani (Querist) 05 January 2012 This query is : Resolved
How much amount of gift can be taken from JIJAJI?
What are the non taxable gifts and from which relatives?

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Sailesh Kumar Shah (Expert) 05 January 2012
How much amount of gift can be taken from JIJAJI?

Ans.Gift received by Sala/Sali from Jijai is exempt from Income tax.

What are the non taxable gifts and from which relatives?

Ans.: “relative” means-

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

Deepak Nair (Expert) 05 January 2012
Dear Harshad,
You are rightly advised by Expert Mr.Shailesh.

Are you a student?

Pleas note that academic queries are not solicited in this site. Pleas put a query if you are really in need of a solution.

A flurry of queries are there from you today, which looks like illustrations from the text books of law.

Raj Kumar Makkad (Expert) 06 January 2012
There is no limit of amount so taken from your jija ji.

prabhakar singh (Expert) 06 January 2012
Mr.Shah has rightly guided you in detail.No tax payable.

soumitra basu (Expert) 08 January 2012
There is no limit in accepting gift without paying tax

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