Chartered Accountant
14243 Points
Joined February 2009
EXHAUSTIVE TABLE FOR GIFT
(to be read for quick reference and exams revision )
Particulars
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Gift in cash
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Gift in kind
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Received from employer
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FULLY TAXABLE
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EXEMPTED UP TO Rs. 5000
(value as on date of gift should be taken )
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Received from relative#
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NOT TAXABLE
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NOT TAXABLE
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Received from Institution and local authority (whether gift is received from relative or outsiders).
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NOT TAXABLE
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NOT TAXABLE
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Gift received on the occasion of the marriage of the individual
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NOT TAXABLE
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NOT TAXABLE
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Any sum of money which is received under a will or by way of inheritance
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NOT TAXABLE
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NOT TAXABLE
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Any sum of money which is received in contemplation of death of the payer
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NOT TAXABLE
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NOT TAXABLE
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Cash gift received from person other then above
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In excess of Rs. 50000 during PY – entire gift is taxable
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· Immovable property – taxable if stamp duty value Rs. Exceeds Rs. 50000.
· Otherwise not taxable
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· Other property* - Taxable if FMV value Rs. Exceeds Rs. 50000
· Otherwise not taxable
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Less of Rs. 50000 – NOT TAXABLE
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Gift received by a person from client in the course of business or profession [Perquisite from business or profession [Sec. 28(iv)]
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FULLY TAXABLE
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# Relative here means—
i. spouse of the individual;
ii. brother or sister of the individual;
iii. brother or sister of the spouse of the individual;
iv. brother or sister of either of the parents of the individual;
v. any lineal ascendant or descendant of the individual;
vi. any lineal ascendant or descendant of the spouse of the individual;
vii. spouse of the person referred to in clauses (ii) to (vi).
* other Property here means
(i) Share and security
(ii) Jewellery
(iii) Drawing
(iv) painting
(v) Archaeological collection
(vi) Sculptures
(vii) Antique collection
(viii) Any work of art