Gift
Querist : Anonymous
Querist : Anonymous
Please give me the reference or link.
Thanks
https://www.moneycontrol.com/news/tax/gift-tax-whatsa-gift_664238.html
Querist : Anonymous
One more query is that if cash gift is not received from relative person then it will be taxable or not?
2. Gifts received from non-relatives on the occasion of marriage is exempt.
3. Gifts received from non-relatives otherwise than on the occasion of marriage are exempt if the aggregate amount of gifts during the year does not exceed Rs. 50,000
If it exceeds Rs. 50,000, then ALL the gifts are taxable.
Please read Section 56(2)(vii) of the Income Tax Act.
Under the new law, any gift received in cash or kind exceeding Rs.50,000 or purchase of movable or immovable property for inadequate payment is taxed in the hands of recipient as “income from other sources.”
Click here to login now
Similar Resolved Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- NRI starting business in India
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Non-Compliance documents have not been submitted by the contractors debited
- TDS ON EMAIL DOMAIN SERVICE BILL
- Capital gain on sale and purchase of plot
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
