Where should i enter received gift Rs. 500000 from father in computation. Any tax liability. Pls guide me.
Umesh Parab (2 Points)
05 December 2017Where should i enter received gift Rs. 500000 from father in computation. Any tax liability. Pls guide me.
sudharshan reddy
(CA )
(42 Points)
Replied 05 December 2017
As section 56 of the Income Tax Act,
If the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.
However, this rule is not applicable if your relatives present the gifts.
Relatives as per income tax act, 1961
Accordingly, in your case total amount is not taxable in your hand.
Sunil Ahmad
(Student)
(1511 Points)
Replied 05 December 2017
eusuf
(CA )
(39 Points)
Replied 05 December 2017
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