Gift from Bhanja (son of Sister)

[P K AGARWAL]

Dear all,

Kindly advice where gift received by Mama from Bhanja(son of own sister) will be exempted u/s 56 of the Income Tax Act.

Also whether Gift received from Bhanja( Son of husband's sister) by Mami will also be exepmt.

The Gift from Mama as well as Mami to Bhanja/Bhanji is exempted u/s 56 but whether vice-versa?  

P K Agarwal
madanlala...@vsnl.net
Madanlal & Associates
Agarwal Mundra & Co
Chartered Accountants
29A, Rabindra Sarani
3rd Floor, Room No 9
Kolkata 700073

 

Phone : 033 22353484(O)
                   25481296 (R)
               9830262464 (M)

[roshan]

Dear Mr. P. K. Agarwal,

Section 56 of the I. T. Act, 1961, defines relative. It Covers “gift received from brother or sister of the parents of the Individual” is exempt from Tax. So the Gift received by Mama/Mami from Bhanja is not exempt from Tax. Any amount received in excess of Rs. 50000/- in total will attract tax liability.

 

Regards,

CA. Roshan Agrawal
B.Com (H), ACA, DISA (ICAI)
Partner

D A V A & Associates
Chartered Accountants
52, Weston Street,
3rd floor, Room No. 302
Kolkata - 700 012

Phone    : +91-33-22115268, 3023 0009
Cell        : +91 93309 80009

mail        : ros...@dava.co.in
Web       : www.dava.co.in
Skype    : roshanagrawalca1

Branch   : Bangalore, Chennai, Hyderabad, Chandrapur, Faridabad (NCR)

[pardeep...@gmail.com]

Can you please tell gift received by bhanja from mama is exempted from any tax liability.

[sanjay kumar dey]

Dear all,

As per section 56 of the act exemption of gift upto Rs. 50000 is exempted.

Regards
CA Sanjay Dey

On Sat, 03 Mar 2018 11:22:12 +0530 pardeep...@gmail.com wrote

>Can you please tell gift received by bhanja from mama is exempted from any tax liability.

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[Bhagwan Mordani]

Gift received from any brother or sister of either of the parents is exempt from tax. .Please see explanation e (1) (D)  to section 56(c)

Regards,

CA B A Mordani,

Shilong 

On Fri, Mar 2, 2018 at 10:24 AM, <pardeep...@gmail.com> wrote:

Can you please tell gift received by bhanja from mama is exempted from any tax liability.

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forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.

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[rakesh...@gmail.com]

If Bhanja gift his mother then she in turn Gifts to her brother. In this case bhanja's money goes to mama. Will this gift money be Tax free