gift tax and income tax

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  1. jain r

    jain r New Member

    Gifts received:

    i. From Relatives1

    ii. On the marriage of individual,

    iii. By will or inheritance

    iv. In contemplation of Death of payer

    v. From local authority

    vi. From Charitable Trust registered u/s 12AA

    vii. From Any Trust, Foundation etc referred u/s 10(23c).

    1 Relatives means

    – Spouse of Individual

    – Brother & Sister of Individual

    – Brother & Sister of Spouse of Individual

    – Brother & Sister of either of the parents of Individual##

    – Any Lineal ascendants or descendants of the individual

    -Any Lineal ascendants or descendants of the spouse of the individual.

    Below is a comprehensive list of Donors as per definition of relative under I.Tax Act ( Hindi connotation has also been mentioned)
    clarify exemption for gift above 50k to sisters son or daughter is exempt
     
  2. exempt in the hands of your sister's son or daughter hands
     
  3. if you received from your sister's son or daughter it will not exempt
     
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