Friday, March 30, 2012

Gift from Relative "Exempted from Income Tax"

Friends,  Gifts received by an individual/HUF are not taxable which have been received from the following :-

 (i)    Money or Property received by from a relative, or Relative means:-
  • (a) spouse, (पति और पत्नी)
  • (b) brother or sister, (भाई और बहन) 
  • (c) brother or sister of the spouse, (साला और साली)
  • (d) brother or sister of either of the parents, (चाचा, चाची, मामा और मोसी)
  • (e) any lineal ascendant or descendent, (लड़का,लड़की,पोता,पोती, पड़ पोता , पड़ पोती)
  • (f) any lineal ascendant or descendent of the spouse,
  • (g) spouse of the person referred in clause (a) to (f).
 (ii)   Money or Property received by an individual on occasion of his marriage, or 
 (iii)   Money or Property by an individual/H.U.F., under a will or by way of inheritance, or 
 (iv)   Money or Property received in contemplation of death of the payers, or 
 (v)   Money or Property received from any local authority, or 
 (vi)   Money or Property received from any fund, foundation, university, educational institution, hospital, medical institution, trust, institution referreed u/s 10(23), or 
 (7)   Money or Perperty received from any trust or institution registered u/s 12AA. [Sec, 2(24) (xv) read with Sec. 56(2)(vii)].

*** "Property" means immovable property or movable property with some condition. 

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