TAX issue: receiving money from parents/ grand parents !!?

Amount received as a Gift to any extent is taxfree if it is taken from relative. Relative has been definded under section 56(2) of the Income Tax Act 1961. Gift from any other person is exempt from tax upto Rs 50000.00 from a single doner.

gift upto rs 50,000 is exempt but if they are proving for some purpose like for ur studies or tutions...ask them to write a letter to u regarding the same ...it might be desired as an evidence...and THIS IS WHEN , when you recieve it from an unrelated person

GIFT WILL NOT BE TREATED AS YOUR INCOME EVER WHEN YOU RECIEVR IT FROM ANY RELATIVE OF URS ...and your grandparents come under the definition of relative..

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