Gift income
This query is : Resolved
27 January 2016
Whether Gift Income is taxable ?
27 January 2016
http://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.
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
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
- Original return filed under Old scheme, can we file updated return under old scheme?
- LTCG and Speculative gain treatment
- REGARDING AVAILABILITY OF ITC UNDER SECTION 17(5) FOR TRANSPORTATION OF PASSENGER SERVICES
- Ladki bahin yojna
- A Durga Puja Committee to be treated as which person under Income Tax
- Reporting SIP capital gain in itr
- International visit expenses
- Tfr of share in under const. shop to close relative without consideration, what documentation requir
- Tax Audit applicable for fy 24-25
- Regarding Savings Bank Account of NRI conversion into NRO account
- Issue in IMS (Invoice Management System)
- Credit Note Rejection in IMS and GSTR 3B locking
- Claim ITC- Eligible
- How to present in Balance sheet as per scheduled III and under which head
- Capital Gain on Equity ETF without STT
- WRONG BILL ISSUED BY SUPPLIER
- MCA filings and Compliance Practice
- Advance paid and received against Property plant and Equipment
- How to present in balance sheet as per scheduled III of company Act
- Amendmend in B2CS to B2B
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
