My father's first cousin wants to gift a property to me. Valuation is much more than 25 k. Will it be taxable as deemed income for me ?
Anandam Banerjee (AM- Finance) (31 Points)
21 June 2012My father's first cousin wants to gift a property to me. Valuation is much more than 25 k. Will it be taxable as deemed income for me ?
rohit
(student)
(360 Points)
Replied 21 June 2012
If the Aggregate value of the gifts received in an A.Y is less than 50000 rupees, then it is not taxable.
KRISHNAPRASAD IYER
(B.Com , CA Final)
(657 Points)
Replied 21 June 2012
totally agree with rohit.
fathers cousin is not a "relative" in the Act.
therefore if the amt exceeds 50000, the whole amt will be taxable
Sonu Kumar
(Account Manager)
(665 Points)
Replied 21 June 2012
Atta Hussain
(Taxation Manager)
(59 Points)
Replied 21 June 2012
No need to worry for ANY GIFT below Rs.50,000/- from ANY ONE.
There is no limit to receive GIFTS from any relative defined u/s 2(41). But any excess amount/consideration received from any non-relative is taxable u/s 56.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 21 June 2012
till the amt of Rs.50000 nothing is taxable .....
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 21 June 2012
Agreed with all above. It is not taxable as upto Rs 50K.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 21 June 2012
agree with all... uncle is not covered under relative... hence as amount exceeds 50000 it will become taxable.... upto 50000 it is exempt....
Sonu Kumar
(Account Manager)
(665 Points)
Replied 21 June 2012
dattatreyahg
(actor)
(34 Points)
Replied 21 June 2012
Upto 50000aggregate gift from anyone in a year is not taxable. Any document to prove that they are gifts? Is it to be shown in I T Return ? and where?
CAclubindia
