Is gift taxable by my biological brother (blood relative) who was adopted by someone else? I have a real brother; who was adopted by my fathers first cousin 40 years ago. Today, he wants to give a gift of Rs.50 lakhs to me. Will it be taxable or exempt? Thank you for your valuable suggestions
Since donor is your blood relative ie biological brother gift would be exempt from tax
2) Gifts within relatives are exempted under section 56 of the Income Tax (I-T) Act 1961 . Further, a brother qualifies as a 'relative' under the I-T Act. Therefore, any gift by you to your brother would be exempt from taxation for your brother and yourself.
If he's related to you as s cousin even though there is no blood relationship, you can proceed through the gift deed without suffering any tax.
No tax is payable on gift to brother under Section 56 (2) (vii) (vi) of Income Tax Act.
- As per sec 56 of income Tax Act , a gift received in the form of cash, cheque, or good from the relative is fully exempt from tax.
- Hence , as you are going to receive the amount as gift from your blood related brother , then it will be exempted .
No it’s exempted but income from that gifted property is taxable
It will be exempt.
Under section 56 of the IT Act, the gifts received from any blood relative are not taxable.
Dear client, In India, gifts between blood relatives are generally exempt from tax, regardless of the amount. This includes gifts from biological siblings, even if they were adopted by someone else. Therefore, the gift of Rs. 50 lakhs from your biological brother would likely be exempt from tax. However, it is always advisable to consult a tax professional for specific guidance on your situation, as tax laws can vary based on the circumstances.
No not exempted
