Hello
My Wife's sister would like to GIFT us amount exceeding 50,000. This is not a marriage occassion but. We were married some time back.
Will amount exceeding 50,000 be considered as taxable.
Regards
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Gift income
Replies (4)
Cash: If aggregate value is less than Rs.50000 than nothing will be taxable. If value exceeds Rs. 50,000, the whole amount will be taxable.
Exception: In below circumstances, gifts are not taxable even if value is greater than Rs.50000/-.
Gifts received:
i. From Relatives1
ii. On the marriage of individual,
iii. By will or inheritance
iv. In contemplation of Death of payer
v. From local authority
vi. From Charitable Trust registered u/s 12AA
vii. From Any Trust, Foundation etc referred u/s 10(23c).
1 Relatives means
– Spouse of Individual
– Brother & Sister of Individual
– Brother & Sister of Spouse of Individual
– Brother & Sister of either of the parents of Individual
– Any Lineal ascendants or descendants of the individual
-Any Lineal ascendants or descendants of the spouse of the individual.
Gifts received:
i. From Relatives1
ii. On the marriage of individual,
iii. By will or inheritance
iv. In contemplation of Death of payer
v. From local authority
vi. From Charitable Trust registered u/s 12AA
vii. From Any Trust, Foundation etc referred u/s 10(23c).
1 Relatives means
– Spouse of Individual
– Brother & Sister of Individual
– Brother & Sister of Spouse of Individual
– Brother & Sister of either of the parents of Individual
– Any Lineal ascendants or descendants of the individual
-Any Lineal ascendants or descendants of the spouse of the individual.
same is not taxable as amount received by relative.
Any gift received from wife's sister is not taxable since it is covered under relative.
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