Gift Declaration - Gift Received from Half Brother (i.e step brother)

[PRIYAM KHAMBHATA]

Respected Sir

Receipient received an amounting to Rs.1100000 from Half Brother.  Is this Gift covered under the defination of Relative under section 56.  Would you please share draft of Gift Decleration for amount received from Half broher, as Gift

Please guide me

 

 

AI Summary

Half Brother Gift of Rs. 1,100,000: Is It Tax-Free Under Section 56 of Income Tax Act? A recipient received a gift of Rs. 1,100,000 from a half brother and inquired whether this gift qualifies as a transfer from a relative under the Income Tax Act, specifically section 56, which impacts tax liability. The response directed the inquirer to a previous explanation regarding the definition of 'relative' under the relevant tax provisions, implying that clarification on whether a half brother is considered a relative for exemption purposes is crucial. The inquiry also requested a draft gift declaration for the amount received, indicating the need for proper documentation to support the transaction as a non-taxable gift.