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gift income

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64 Points Posted on 28 August 2018
amount received by relative by way of gift..........need to be report in ITR?
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On 28 August 2018 at 12:40 Report
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If you receive the sum of money worth more than Rs.50000, you are liable to pay the tax on the aggregate amount (that is, total amount received). This rule applies when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which is value more than the Rs.50000.

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On 28 August 2018 at 13:05
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Nil
2791 Points Posted on 28 August 2018

If gift value More than 50,000 

 

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On 28 August 2018 at 13:23
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94 Points Posted on 29 August 2018
in my opinion gift whether in cash or kind from relative is always exempt , however gift in cash from non relative is taxable if exceeds 50000
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On 29 August 2018 at 18:50
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Please don’t give personal opinion
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On 29 August 2018 at 19:08
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94 Points Posted on 29 August 2018
please refer exceptions to section 56(2)X of income tax act 1961 (amended)
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On 29 August 2018 at 22:28
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Read carefully section 56(2)X of income tax act 1961 (amended)
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On 29 August 2018 at 22:34
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94 Points Posted on 29 August 2018
one of the exception to section 56(2)X says
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On 29 August 2018 at 22:40


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