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.
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