Tax on amt received as Gift from Masi

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  1. mailme_ashish2007

    mailme_ashish2007 New Member

    My my mausi who has broughtup me as her child and was nomimated as my guardian in the WILL of my late father, wishes to give me Rs.12.5 Lacs. Will I have to pay tax on it and also, if there is any remedy to save tax, kindly help.
  2. Karan Batra

    Karan Batra Well-Known Member

    No Tax is levied on any gift received from Family Members and therefore in the above mentioned case - the amount received from your Masi would be exempted from the levy of any tax
  3. V K Khanna

    V K Khanna Active Member

    Brother or sister of either parents is covered under the definition of relative u/s 56(2).

    Therefore the gift received from Masi is exempt from tax.
    Yatin Gandhi likes this.
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