Tax on money received from cousin

Dear Sachin,

If money recieved as a Gift from a relative, it is exempted under Section 56 of Income Tax Act.

 ‘relative’ means : ‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (ii) to (vi).

shridhar,

I know but in some other forum i read that COUSIN gift is taxable

As Cousing is also brother but

Cousin can not come under BROTHER gift category.

Kindly clarify.

How can I avoide the amount being taxable?

any other way?

Regards,

DEAR SIR 

Acording to Sec.56 of The Income Tax Act 1961, Anu sum/ income Recieved from relative is fully exempted in the hand of assessee 

Meaning of the relative

(a) husband or wife of individual; 

(b) brother or sister of the individual; 

(c) brother of husband of the individual; 

(d) brother of wife of the individual; 

(e) sister of husband of the individual; 

(f) sister of wife of the individual; 

(g) brother of father of the individual; 

(h) brother of mother of the individual; 

(i) sister of father of the individual; 

(j) sister of mother of the individual; 

(k) lineal ascendant of the individual (say, grandfather) 

(l) lineal descendant of the individual (say, son, grandson, daughter) 

(m) lineal ascendant of the husband of the individual 

(n) lineal descendant of the husband of the individual 

(o) lineal ascendant of the wife of the individual (say, wife’s father) 

(p) lineal descendant of the wife of the individual; 

(q) wife or husband of the relatives listed at serial numbers (b) to (p)