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Gift income

03 May 2016

Hello

My Wife's sister would like to GIFT us amount exceeding 50,000. This is not a marriage occassion but. We were married some time back.

Will amount exceeding 50,000 be considered as taxable.

Regards

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4 Replies

Naga Upendra (159 Points)
Replied 03 May 2016

Cash: If aggregate value is less than Rs.50000 than nothing will be taxable. If value exceeds Rs. 50,000, the whole amount will be taxable.

Naga Upendra (159 Points)
Replied 03 May 2016

Exception: In below circumstances, gifts are not taxable even if value is greater than Rs.50000/-.

Gifts received:

i. From Relatives1

ii. On the marriage of individual,

iii. By will or inheritance

iv. In contemplation of Death of payer

v. From local authority

vi. From Charitable Trust registered u/s 12AA

vii. From Any Trust, Foundation etc referred u/s 10(23c).

1 Relatives means

– Spouse of Individual

– Brother & Sister of Individual

– Brother & Sister of Spouse of Individual

– Brother & Sister of either of the parents of Individual

– Any Lineal ascendants or descendants of the individual

-Any Lineal ascendants or descendants of the spouse of the individual.