Gifts

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Shanti (Querist)
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10 July 2012 I have received gifts in cash and kind the worth of both being below 50000/-. can i claim exemption for gifts received in cash and kind both received from non relatives

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 July 2012 1. Section 56(2)(vii) covers cash and some specified assets.

2. Kindly check whether the gifts received in kind ssatisfy the criteria of asset u/s 56(2)(vii).

3. Since, the aggregate amount of gifts is less than Rs. 50,000 the same is exempt in your hands.

Shanti

Shanti (Querist)
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11 July 2012 which assets are to be treated as gifts in kind
can gift of personal things exceeding 50000 be treated as gifts in kind.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 July 2012 (i) immovable property being land or building or both;

(ii) shares and securities;

(iii) jewellery;

(iv) archaeological collections;

(v) drawings;

(vi) paintings;

(vii) sculptures;

(viii) any work of art;

[(ix) bullion;]

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