gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2010
if huf received gift are exempted from tax?
CA Ghanshyam Joshi
(Expert)
25 November 2010
Example :
(i) Gifts received by doctors from their patients is taxable under the head Profits and
Gains from Business or Profession.
(ii) Any sum of money or value of property received without consideration or for
inadequate consideration by an individual or a HUF from any person, other than a relative,
is chargeable under the head “Income from Other Sources” [For details, refer to Chapter 8
on “Income from Other Sources”].
(i) Gifts received by doctors from their patients is taxable under the head Profits and
Gains from Business or Profession.
(ii) Any sum of money or value of property received without consideration or for
inadequate consideration by an individual or a HUF from any person, other than a relative,
is chargeable under the head “Income from Other Sources” [For details, refer to Chapter 8
on “Income from Other Sources”].
Message likes :
1 times
25 November 2010
Gifts received in cash by an individual or Hindu Undivided Family in excess of Rs. 50,000/- are taxable under the Income Tax Act, 1961 at the hands of the receiver. With effect from 01/10/2009 gifts in kind i.e. immovable or other property, the value of which exceed Rs. 50,000/- have been brought under the ambit of taxation to be taxable at the hands of the receiver.
Kindly note that certain exemptions from taxability are provided in chapter 8 of the Income Tax Act.
Kindly note that certain exemptions from taxability are provided in chapter 8 of the Income Tax Act.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
