Particulars

Gift in cash

Gift in kind

Received  from employer

 FULLY TAXABLE

EXEMPTED UP TO Rs. 5000

(value as on date of gift should be taken )

Received from  relative^#

NOT TAXABLE

NOT TAXABLE

Received from Institution and local authority (whether gift is received from relative or outsiders).

NOT TAXABLE

NOT TAXABLE

Gift received on the occasion of the marriage of the individual

NOT TAXABLE

NOT TAXABLE

Any sum of money which is received under a will or by way of inheritance

NOT TAXABLE

NOT TAXABLE

Any sum of money which is received in contemplation of death of the payer

NOT TAXABLE

NOT TAXABLE

Cash gift received from person other then above

In excess of Rs. 50000 during PY – entire gift is taxable

 Less of Rs. 50000 – NOT TAXABLE

Immovable property

Without consideration

·         Taxable if stamp duty value Rs. Exceeds Rs. 50000.

·         Otherwise not taxable

Otherwise

Not taxable

Other property*

Without consideration

·         Taxable if FMV value Rs. Exceeds Rs. 50000

·         Otherwise not taxable

If consideration paid by assessee:

·         Taxable if FMV value Rs. Exceeds Rs. 50000

·            Otherwise not taxable

Gift received by a person from client in the course of business or profession [Perquisite from business or profession [Sec. 28(iv)] 

FULLY TAXABLE