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Gift rules

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 March 2012 hi,

what are the income tax rules for gifts in cash. My would be mother in law/wife's brother has given me cash gift of Rs. 1 lac but in parts. what are the tax implications for this gift.

Kindly help.

thanks and regards,
Gagan
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 April 2012 Section 56(2)(vii) deals with gifts. It provides that gifts received by an individual from non-relatives in excess of Rs. 50,000/- throughout the year shall be taxable in his hands.

Accordingly, the cash gift of Rs. 1 lakh received from your would be mother-in-law is taxable in your hands as she is not your relative yet.

She will become relative only after your marriage.
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