Taxability or nontaxability of Gifts received

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....axability or nontaxability of Gifts received<br> Query (Issue) Started By: - SANJAY BAHETI Dated:- 6-2-2013 Last Reply Date:- 15-2-2013 Income Tax<br>Got 1 Reply<br>Income Tax<br>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....

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.... 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 s....

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....ame required for tax planning purposes. Thanks in Advance for prompt reply. Reply By Sanjeev Sharma: The Reply: In accordance with Proviso to Section 56(vi), Gift from relative is not part of Other Income. As per Explanation, For the purposes of this clause, "relative" means-- (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse....

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.... of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi)<br> Discussion Forum - Knowledge Sharing ....