My mother received a gold ring from my elder brother as a gift. The value of such gold ring is Rs 6…
My mother received a gold ring from my elder brother as a gift. The value of such gold ring is Rs 60000. Is she liable to pay tax?
Jeeba Jun. 27, 2018
As per the act, any moveable assets received by individual without consideration is taxable if it exceeds the value of 50000.
However, as an exception, act further provide that any property received by an individual from relatives shall not be taxable.
As your mother receives a gold ring from your brother and mother and son are within the meaning of relatives, tax will not be leviable.
