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gifts

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 May 2010 if Mr. X receives gold ring worth rs.60000 from employer on 25th marriage anniversary,will it be taxable.if yes in whose hand?
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
08 May 2010 According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the hands of the recipient.

Earlier, gifts in the form of cash from non-relatives were exempted up to a limit of Rs 50,000 a year (if sum exceeds Rs
50,000, then entire amount is eligible for being taxed).

While this limit remains unchanged, the key change proposed is aimed at bringing in non-cash gifts into the tax ambit.
Earlier, gifts in non-cash form (like shares and securities, jewellery, archeological collections, paintings and gold), even if they were in excess of Rs 50,000, were exempt from any tax in the hands of the recipient

I.E RS.10000 WILL BE TAXABLE IN THE HAND OF MR. X
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
08 May 2010 AGREE WITH BANSAL JI
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
13 May 2010 agree with Bansal ji.
and continuing that if above said gift receive at the time of marriage, then it will be exempt in hand of receiver
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