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        Income Tax

        Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 20,000 from D, who is elder brother of his grandfather.

        19 August, 2015

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        Chapter No. 02 - Other Sources - Gifts received by Individual & HUF - [Sec. 56(2)(vii)]

        63,000 is taxable since C & D are not relatives.

        Taxability of gifts: gifts received from non-relatives are taxable under the gifts provision, not excluded as relative transfers. Gifts received by an individual or HUF from persons who do not qualify as 'relatives' are taxable as income from other sources; in the example, gifts from a father's cousin and from the recipient's grandfather's elder brother are excluded from the relative exemption and the aggregate amount received from those non-relatives is taxable.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Taxability of gifts: gifts received from non-relatives are taxable under the gifts provision, not excluded as relative transfers.

                              Gifts received by an individual or HUF from persons who do not qualify as "relatives" are taxable as income from other sources; in the example, gifts from a father's cousin and from the recipient's grandfather's elder brother are excluded from the relative exemption and the aggregate amount received from those non-relatives is taxable.


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