Gift in out of blood relation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2016 Dear sir,
Mr. X has given the gift of Rs. 70000
In other than blood relation, plz guide
Me as this gift is taxable but in whose
hand this gift will be taxable weather in
The hand of mr. X or in the hand of
Gift receiver,

Regard
Sachin mittal

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

04 May 2016 It will be taxable in the hand of receiver. there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount received (not additional).

Any amount received by relatives is not taxable at all.Following is the list of relations which are considered as “relatives” for this: (Blood relation is not required)

Your spouse
Your brother or sister
Brother or sister of your spouse
Brother or sister of either of your parents
Any of your lineal ascendants or descendants
Any lineal ascendant or descendant of your spouse
Spouse of the persons referred in above points

Any amount received as Wedding Gift is not taxable, any amount you get, as wedding gift is not taxable in your hands, either from relative or non-relative.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

Note : If you find our reply useful. Please Score us by clicking on "THANK USER"

Message likes : 1 times