Gifts received from relative

The first major rule which every person should know is that there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount recieved (not additional). 

YOUR QUERY: 1)  My Own sister wants to gift some cash of Rs 75000 & co shares to me - can i take them as a gift - she held these fr more than 2 years , will she have any Tax implications or when i get them can i sell them immediately or will i need to hold fr 1 yrs to sell them and not to incurr any  short term capital gain tax ? can i do off market transaction ?

2) can i receive shares as gift from my grandmother which is worth more than 10 lakhs - & again can i sell them or not , she held these fr more than 15 years , will she have any Tax implications or when i get them can i sell them immediately or will i need to hold fr 1 yrs to sell them and not to incurr short term capital gain tax ?

REPLY: THE 'GIFTS' ARE NOT INCLUDIBLE IN your taxable income, as received from a 'relative' as defined in the Explanation (e) to S.56(2)(vii) of the Income Tax Act 1961. As defined there, 'relative' includes-

     (i) (B) brother or sister of the individual;

         ....

          (E) any lineal ascendant or descendant of the individual.

YOUR QUERY: 1)  My Own sister wants to gift some cash of Rs 75000 & co shares to me - can i take them as a gift - she held these fr more than 2 years , will she have any Tax implications or when i get them can i sell them immediately or will i need to hold fr 1 yrs to sell them and not to incurr any  short term capital gain tax ? can i do off market transaction ?

2) can i receive shares as gift from my grandmother which is worth more than 10 lakhs - & again can i sell them or not , she held these fr more than 15 years , will she have any Tax implications or when i get them can i sell them immediately or will i need to hold fr 1 yrs to sell them and not to incurr short term capital gain tax ?

REPLY: THE 'GIFTS' ARE NOT INCLUDIBLE IN your taxable income, as received from a 'relative' as defined in the Explanation (e) to S.56(2)(vii) of the Income Tax Act 1961. As defined there, 'relative' includes-

     (i) (B) brother or sister of the individual;

         ....

          (E) any lineal ascendant or descendant of the individual.