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Cash gifts from family members taxability for ay 21-22
cash gifts from family members taxability for ay 21-22 exempt Or not
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Quick Summary
Section 56(2) of the Income Tax provides for taxation of gifts received during the year in case aggregate value of all the gifts, whether in cash or in kind during a year, exceed fifty thousand rupees, entire amount will be taxable in the hands of recipient, if it is below 50,000/- exempt from tax
If such family members fall within the definition of relatives, then exempt without any limit else exemption up to Rs.50k pa
If such family members fall within the definition of relatives, then exempt without any limit else exemption up to Rs.50k P.a
further to that.. Gift in Cash (269ST) from single person /transaction/event can' t exceed Rs. 2,00,000/- p.a.
further to that.. Gift in Cash (269ST) from single person /transaction/event can' t exceed Rs. 2,00,000/- p.a.
As per Contract Act 1872, contract without consideration, quid pro quo means something for something, only one thing love and affection should prevail, even friend can give cash gift upto Rs. 50,000/-
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