gifts
This query is : Resolved
CA PARAS BAFNA
(Expert)
06 February 2011
Gifts of a sum above Rs. 50000/ received from non-relatives are taxable.
When a sum of money or property is received without consideration it is going to be taxable under certain conditions.
Gifts from relatives are exempt from tax.
For more details refer Section 56(2) (vii) and (viia)
When a sum of money or property is received without consideration it is going to be taxable under certain conditions.
Gifts from relatives are exempt from tax.
For more details refer Section 56(2) (vii) and (viia)
06 February 2011
thanks sir ,
as u said recived from nonrelatives are tax but then what about the gifts receied from relatives as people wil gift high valued items inorder to avoid tax ??
so waht about that ...
as u said recived from nonrelatives are tax but then what about the gifts receied from relatives as people wil gift high valued items inorder to avoid tax ??
so waht about that ...
CA PARAS BAFNA
(Expert)
07 February 2011
Gifts received from relatives is not taxable.
CA PARAS BAFNA
(Expert)
08 February 2011
It's not evasion of Tax.
*
For Example your father gifts you Rs. 1.00lac.
Q. From which source gift is being given.
Ans. A. It is out of his income which has already been taxed. or
B. It is out of income which is exempt from tax.
C. It is out of his disclosed (known to IT Dept.) Income.
*
So whenever a gifr is being given there is no impact on tax payable by the donor.
And the receiver of the amount if is a major person is liable to pay tax on income arising on the gifted amount.
*
SO it is not tax evasion at all.
*
For Example your father gifts you Rs. 1.00lac.
Q. From which source gift is being given.
Ans. A. It is out of his income which has already been taxed. or
B. It is out of income which is exempt from tax.
C. It is out of his disclosed (known to IT Dept.) Income.
*
So whenever a gifr is being given there is no impact on tax payable by the donor.
And the receiver of the amount if is a major person is liable to pay tax on income arising on the gifted amount.
*
SO it is not tax evasion at all.
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