Gift received in cash from specified relative is exempt from tax u/s 56
If cash received from any person other than specified relative above Rs. 50000, then it will be taxable.
Specified relative:
- 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;
- spouse of the person referred to in clauses (ii) to (vi)
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