Gift rules
This query is : Resolved
Querist : Anonymous
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
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
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.
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.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- Condonation . E-Verification of last year return .
- GST not cancelled by tenant
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
