Gifted amount Taxable?

Baranidharan S (Querist) 19 December 2010 This query is : Resolved
Hi !

In advance thanks for your support.

My mother got some lump-sum amount as her part of GPF. And she "gifted" a part of her GPF amount to my brother who is working in Defence.

My query is that gifted amount taxable?
Please clarify regarding the above.

Follow Query

Report Abuse

R.Ramachandran (Expert) 19 December 2010
Dear Mr. Baranidharan,
Gift received from close relatives like mother, father, brother, sister etc., are not subject to income tax.

A V Vishal (Expert) 19 December 2010
PFA......I think it will be useful to you Baranidharan

Raj Kumar Makkad (Expert) 19 December 2010
No tax ia payabe by donee in the given matter.

Vineet (Expert) 23 December 2010
No tax either in the hands of Donor or Donee as gift transaction between relatives as deifned under Income Tax Act.

Mukund Kumar (Expert) 25 December 2010
Under section 56 of the income tax act the amount of gift from Mother is tax free

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries

Gifted amount Taxable?

Similar Resolved Queries :

Download LCI APP

Our Network Sites