Taxability of gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2012
Hello Everyone
I am in little confuse that gifts received from non relatives in excess of Rs. 50000 is taxable but exemption limit of 180000 will be applicable on it.
I am in little confuse that gifts received from non relatives in excess of Rs. 50000 is taxable but exemption limit of 180000 will be applicable on it.
20 November 2012
If an assessee receives gifts in excess of Rs. 50,000 from non-relatives then the WHOLE amount is taxable in his hands as Income from Other Sources.
Now tax on total income (including the gift amount) shall be computed as per slab rates.
So, if the income includes only gift amount and is less than Rs. 1,80,000 then there is NO tax liability.
Now tax on total income (including the gift amount) shall be computed as per slab rates.
So, if the income includes only gift amount and is less than Rs. 1,80,000 then there is NO tax liability.
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