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October 12, 2013

GIFT FROM RELATIVES

From - Karan

Question- My Mother have 40 lakh rupees if she give it me by cash for purchasing the new house should i have to pay income tax on 40 lakh or in the house tax. And if my Mother withdraw 40 lakh cash they need to pay any tax or not. And how to show gift in legal papers for safety .


Answer- First of all let me tell you that there is no Income Tax on gifts given by some relatives. You need not worry as you and your mother both don't have to give tax on gifts.

Gifts received in cash in excess of Rs. 50000 is taxable in Income Tax Act, 1961 but in case gifts are received from relatives, who are:


·  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). 
gifts are fully exempt.

So stop worrying take gift from your mother, no Income tax will be attracted on you and since Gift Tax is abolished so your mother is also not required to pay any tax.

For safety purpose exercise a gift deed on Stamp Paper of Rs. 100. 

Feel free to comment and ask any query. 
 




  • 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).
  • - See more at: http://taxguru.in/income-tax/taxability-gifts-received-relatives-relatives.html#sthash.wIkhZNAd.dpuf


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