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Gifts

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(Querist)
23 January 2010 I want to know the various rules regarding taxability of gifts...
in case of kind and non kind gifts
in case of relative and non relative
alongwith sections for reference and any imp case laws and tips for tax planning
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
23 January 2010 refer section 56(2) of the Income Tax Act.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
24 January 2010 you can take gifts till 50,000/- in cash or kind from anybody.
But in case of relative you can take gift more than 50,000/- also
in case of other person if this is for without or less consideration then it is taxable in hand of receiptent u/s 56(2).
This is simple glimps of this section for detail study see sec 56(2)
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Ravi Chopra

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Ravi Chopra (Querist)
25 January 2010 will inclusion of movable and immovable property be interpreted as "taxability of gifts in KIND"??? earlier there were only "sum of money received" in the specific section
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