Gift treatment Gift receive from daughter(taxable - not)Gift from relative & non relative income tax

Have you ever wondered if gifts received from your family are taxable? 🤔
Recently, a teacher in Delhi received ₹3.5 lakh cash gift from her daughter. The Income Tax Department issued a notice, but the teacher fought back and won the case in ITAT Delhi.

👉 In this video, we break down:
Are gifts from relatives taxable or exempt?
What is the ₹50,000 gift exemption limit for non-relatives?
Who is considered a ‘relative’ under the Income Tax Act?
Why keeping proper documentation (gift deed, transfer record) is important.
How ITAT protects taxpayers from unfair notices.

📌 Key Takeaway:

Gifts from relatives (parents, children, spouse, siblings, grandparents) are completely tax-free, no matter the amount.

Gifts from non-relatives are exempt only up to ₹50,000 in a financial year; above that, the full amount is taxable.

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Видео Gift treatment Gift receive from daughter(taxable - not)Gift from relative & non relative income tax канала CMA Indu Sharma