Gift income
This query is : Resolved
TARIQUE RIZVI
(Querist)
27 January 2016
Whether Gift Income is taxable ?
Arpit Shah
(Expert)
27 January 2016
https://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
27 January 2016
Gift received by an individual or HUF from a non-relative, in excess of Rs. 50000 (aggregate value) is taxable u/s 56(vii) in respect of cash or immovable property or movable property.
Dhirajlal Rambhia
(Expert)
04 October 2021
Any amount of Gift received from following 'Relatives' are not taxable ...
1. Spouse of the individual
2. Brother or sister of the individual
3. Brother or sister of the spouse of the individual
4. Brother or sister of either of the parents of the individual
5. Any lineal ascendant or descendant of the individual
6. Any lineal ascendant or descendant of spouse of the individual
7. Spouse of the person referred in point 2-6 above
1. Spouse of the individual
2. Brother or sister of the individual
3. Brother or sister of the spouse of the individual
4. Brother or sister of either of the parents of the individual
5. Any lineal ascendant or descendant of the individual
6. Any lineal ascendant or descendant of spouse of the individual
7. Spouse of the person referred in point 2-6 above
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