No. Generally, gifts are taxable under the Income Tax Act. However, the Income Tax Act specifically exempts gifts received from specified relatives.
The specified relatives are as follows:
(A) Spouse
(B) Brother or Sister
(C) Brother or Sister of the spouse
(D) Brother or Sister of either of the parents
(E) Any lineal ascendant or descendant (i.e. father, grandfather, or future generations)
(F) Any lineal ascendant or descendant of the spouse
(G) Spouse of the person referred to in items (B) to (F).
Comments
0 comments
Please sign in to leave a comment.