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vikas   15 November 2016

tax exemption

If The money given by my mother by cash.and I deposited it in my account.i have to pay any tax on this amount?


 1 Replies

SHARAD CHANDRA DANEJ (Asstt. Manager)     21 November 2016

Tax is always given on your income and not on deposits. The amount is given by your mother to you so you need not give any tax on this amount which is given to you by your mother.

The  rule for income tax on gifts, is that any amount received from specified relatives is totally tax free in the hands of recipient. So if a relative gives you gift in form of cash/cheque or in consideration, you will not have to pay any tax on the amount received.

Following is the list of relations which are considered as “relatives” for this

  • Your spouse
  • Your brother or sister
  • Brother or sister of your spouse
  • Brother or sister of either of your parents
  • Any of your lineal ascendants or descendants
  • Any lineal ascendant or descendant of your spouse
  • Spouse of the persons referred  in above points

Gifts received from other than above persons the limit is Rs. 50000/- in a year. If you receive Rs. 60000/- in a year as gift then its taxable the whole amount of Rs. 60000/-.

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