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doubts regarding gift tax.

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This query is : Resolved

Murulidhara S (Querist)

02 February 2008 Sir, I am having following doubts regarding gift tax. Kindly clarify.

1. Gift exceeding rs 25000 from non relatives is taxable

a. whether entire amount is taxable or amount exceeding Rs 25oo is taxable.
b. If gifts are received from two or more persons and all of them are less than 25000 individually,and exceeding Rs 25000 in total. Then how it is taxed.
c. Is it applicable to cash only or gift received in kind.

Thanks in advance

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

02 February 2008 it you received gift from you relatives then it is not taxable u/s 56(2)
if you received gift from any other person then it is not taxable if it is less than rs.25000/- if gift is in excess of rs.25000/- then whole of amount is taxable there is no basic esxemption in this section it is your icome from other sources and it is as a regular income of you

Murulidhara S

Murulidhara S (Querist)

02 February 2008 Thank you very much for instsant response

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