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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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