Ashish Arora 11 September 2016

Gift tax

Will there any income tax liability be arrissed, in case me and my wife receives 12 lacs from my mausi. My mausi was nominated as guardian in my father's WILL and she has brought up me after my father's death.

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M.R.K.PRASAD-Advocate (SELF) 11 September 2016

All gifts in excess of Rs. 25,000, in the form of cash, draft, check or others, received from one who doesn't have blood relations with the recipient, were taxable.

Blood realtion includes:

(a) spouse,(b) brother or sister,(c) brother or sister of the spouse,(d) brother or sister of either of the parents,(e) any lineal ascendant or descendent,(f) any lineal ascendant or descendent of the spouse,(g) spouse of the person referred in clause (a) to (f)

I f donor falls with in the above relation then exemptd..