Money gifted by my grand father to me.

GAURAV (Querist) 08 September 2012 This query is : Resolved
My Grand father has given Rs. one lacs to me by cheque from his a/c and the same has deposited in my a/c. Whether any Gift tax or Income Tax is applicable on me for this amount?

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sukanya (Joyce) (Expert) 08 September 2012
fill up 15-h/g form issued by bank to you. tax will not be deducted. if tax is deducted also you can take form no 16 and fill-up & issue the same to bank, take help of income tax lawyer deducted tax will be refunded to your account.

Shailesh Kr. Shah (Expert) 08 September 2012
Whether any Gift tax or Income Tax is applicable on me for this amount?

Answer: there is no gift tax or income tax on gift by grand father to grand son
as per Section 56(2)(vii)