adv. rajeev ( rajoo )
(Expert) 29 July 2011
How you received, whether it is hand loan or gift?
M/s. Y-not legal services
(Expert) 29 July 2011
Give some more details about the gift transaction sir.
prabhakar singh
(Expert) 29 July 2011
GIFTS RECEIVED FROM FOLLOWING RELATIONS ARE NOT TAXABLE:
*Spouse of the individual; *Brother or sister of the individual; *Brother or sister of the spouse of the individual; *Brother or sister of either of the parents of the individual; *Any lineal ascendant or descendant of the individual; *Any lineal ascendant or descendant of the spouse of the individual; and *Spouse of the person referred to in clauses (ii) to (vi). YOU CAN NOW DECIDE ON YOUR OWN IF GIFT IN YOUR HAND FROM 'AN INDIVIDUAL' TO WHOM 'YOUR MOTHER' HAS ADOPTED 'AS FATHER'WOULD BE TAXABLE OR NOT. I FEEL HANDICAP IN TRACING A LAW IN INDIA WHERE A PARENT COULD BE ADOPTED BY A CHILD.
soumitra basu
(Expert) 02 August 2011
It is taxable on your hand unless your mother is the legally adopted child of your grand father. However, upto Rs. 50,000 is not liable to tax.
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