27 February 2014
sir/madam, Which gifts received are exempted from tax and which gifts received are taxable? gifts received from father, husband, children are taxable or exempted from tax?
27 February 2014
Any gift in cash >50k rcvd from relative, on the occasion of marriage of receiver, wii/inheritance is exempt fully. Gift in kind/Property : Property given without consideration (i.e. in true sense gift) then Fare Market Value (for movable property)or Stamp Duty Value (for immovable property)which exceeds 50k is taxable i.e. up to 50k value exempt.
27 February 2014
mind well that in case of transfer of property less than 50k to merely avoid tax will attract capital gain provision on transferer of property.
CAclubindia
