Gift tax
This query is : Resolved
B.P. SRIDHAR
(Querist)
20 January 2013
SIR,
IS THERE ANY LIMIT TO CASH GIFT GIVEN TO RELATIVE FOR A.Y.2012-13 AND CASH GIFT GIVEN TO OTHER THAN RELATIVE?
IS THERE ANY LIMIT TO CASH GIFT GIVEN TO RELATIVE FOR A.Y.2012-13 AND CASH GIFT GIVEN TO OTHER THAN RELATIVE?
CA PARAS BAFNA
(Expert)
20 January 2013
NO LIMIT FOR CASH GIFTS TO RELATIVES- EXCEPT THAT THE AMOUNT GIFTED SHOULD BELONG TO THE
DONOR.
.
IN CASE OF GIFTS RECEIVABLE FROM NON RELATIVE UPTO 50000/- IN AGGREGATE , THERE IS NO TAXABILITY.
.
IN CASE AMOUNT RECEIVED AS GIFTS FROM NON RELATIVES IS 50001 OR MORE THE SUM SO RECEIVED WILL BE TREATED ENTIRELY AS A TAXABLE INCOME OF THE RECIPIENT & IS TAXED UNDER THE HEAD IFOS.
.
DONOR.
.
IN CASE OF GIFTS RECEIVABLE FROM NON RELATIVE UPTO 50000/- IN AGGREGATE , THERE IS NO TAXABILITY.
.
IN CASE AMOUNT RECEIVED AS GIFTS FROM NON RELATIVES IS 50001 OR MORE THE SUM SO RECEIVED WILL BE TREATED ENTIRELY AS A TAXABLE INCOME OF THE RECIPIENT & IS TAXED UNDER THE HEAD IFOS.
.
Message likes :
1 times
25 July 2013
Yes I agree with the expert
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