Taxability or nontaxability of Gifts received

[SANJAY BAHETI]

Dear Experts,

Please let me confirm as to receipt of Following Gifts from Relatives by an Individual are exempt from tax or not by way of Acceptance of Account payee cheque from Donor on Stamp paper of Rs.100/- by means of Gift Deed irrespective of any amount without ceiling at any time. Detailed as under :-

i) From Individual's married Brother or Sister.

ii) From Individual Spouse's Married Brother or Sister

iii) From a Member whether male or female to HUF will be treated as Gift received from relative or not

iv)From Individual's spouse to Individual himself or vice versa. Please reply urgently as the same required for tax planning purposes.

Thanks in Advance for prompt reply. 

AI Summary

Gifts from Relatives Exempt from Tax Under Section 56(vi) of Income Tax Act When Documented Properly An individual inquired about the tax exemption status of gifts received from relatives, specifically through account payee cheques documented on a Rs.100/- stamp paper via a gift deed. The query focused on gifts from a married brother or sister, a spouse's married siblings, members to a Hindu Undivided Family (HUF), and between spouses. The response clarified that, per Section 56(vi) of the Income Tax Act, gifts from relatives, as defined by the Act, are not considered part of other income and are thus exempt from tax.