GIFT WHICH ARE EXEMPTED FROM INCOME TAX

Gifts which are in cash or in kind, which are exempted are very few. The list of exempted gifts from relatives or any other conditions are as follows.


1- Gift from spouse means wife or husband.

2- Gift from brother or sister.

3- Brother or sister of the spouse.

4- Brother or sister of either of parents either husband or wife.

5- Any lineal ascendant or descendant.

6- Any lineal ascendant or descendant of the spouse.

7- Money or property received by a person on the occasion of his/her marriage.

8- Property or money transferred by the way of inheritance of either individual or H.U.F.

9- Property or money received in contemplation of the payer.

10- Property or money received from the local authority.

11- Property or money received from any local university, college, or any other government institute  under section 10(23) of the income tax act or section 12AA of the income tax act.


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About Nitin Aggarwal

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