Gift
This query is : Resolved
24 November 2009
Can a married daughter take tax free gift from her mother? if a married daughter gets a sum of Rs 1 lakh(i.e. more than Rs 50,000)from her mother, is it taxable?
24 November 2009
its not taxable
24 November 2009
Gifts Exempted from Tax
Gifts are exempted from India gift tax in the following cases:
* The gift was given by a blood relative, irrespective of the gift value.
* Immovable properties located outside the country.
* Movable properties outside the country, unless the donor –
o Individual:is an Indian citizen, who is originally a resident of India, or
o No-individualis resident of India during the year of gift
* Out of balance gift by NRI (Non-Resident Indian) in his Non-resident account.
* Foreign currency gift of convertible foreign exchange, remitted from overseas by an NRI to a resident relative.
* Foreign exchange asset gifted by NRI to his/her relatives.
* Special Bearer Bonds, 1991.
* Saving certificates issued by the Central Government (notified as exempted).
* Capital Investment Bonds up to Rs. 10,00,000 per year.
* Relief Bonds gifts by an original subscriber.
* Gifts of Certain bonds from the NRI to his/her relatives, which are subscribed in foreign currency (specified by the Central Government).
* Gift to government or any local authority.
* Gifts to any charitable institutions.
* Gifts to notified temples, churches, mosques, gurudwaras and other places of worship.
* Gift to children for educational purpose (Reasonable amount).
* Gifts by an employer to its employees in the form of bonus, gratuity or pension.
* Gifts under will.
* Gifts in contemplation of death.
Gifts are exempted from India gift tax in the following cases:
* The gift was given by a blood relative, irrespective of the gift value.
* Immovable properties located outside the country.
* Movable properties outside the country, unless the donor –
o Individual:is an Indian citizen, who is originally a resident of India, or
o No-individualis resident of India during the year of gift
* Out of balance gift by NRI (Non-Resident Indian) in his Non-resident account.
* Foreign currency gift of convertible foreign exchange, remitted from overseas by an NRI to a resident relative.
* Foreign exchange asset gifted by NRI to his/her relatives.
* Special Bearer Bonds, 1991.
* Saving certificates issued by the Central Government (notified as exempted).
* Capital Investment Bonds up to Rs. 10,00,000 per year.
* Relief Bonds gifts by an original subscriber.
* Gifts of Certain bonds from the NRI to his/her relatives, which are subscribed in foreign currency (specified by the Central Government).
* Gift to government or any local authority.
* Gifts to any charitable institutions.
* Gifts to notified temples, churches, mosques, gurudwaras and other places of worship.
* Gift to children for educational purpose (Reasonable amount).
* Gifts by an employer to its employees in the form of bonus, gratuity or pension.
* Gifts under will.
* Gifts in contemplation of death.
24 November 2009
For Income Tax purposes, Gifts recd. from parents are not taxable, irrespective of the amount of gifts
24 November 2009
AGREE
24 November 2009
ANY AMOUNT RECEIVED BY WAY OF GIFT from parents is EXEMPT FOR Tax.
24 November 2009
agreeed with experts.
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