taxability of gift
This query is : Resolved
Nikhilesh V Gomase
(Querist)
18 November 2016
A girl received gifts from her close friend as follows cash....40000, jewellery..... 45000 and laptop.....46000. Should all gift received aggregate to see the limit beyond 50K since gift is received from single person? or Should we treat each gift separately and no tax levy on it?
Mukul Giria
(Expert)
19 November 2016
Taxation of gifts in form of any asset other than immovable property (including cash) shall be aggregated and such aggregated amount needs to be compared with 50,000.
Nikhilesh V Gomase
(Querist)
24 November 2016
but whats about the laptop? I dont think laptop comes under the meaning of movable property.
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