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Gift received
what is the tax rate slab of gift received from frnd
Replies (3)
As applicable to individual slab
5% , 20% and 30% depending upon amount
Thank you
You can also write to me at sthayin @ gmail for further assistance
5% , 20% and 30% depending upon amount
Thank you
You can also write to me at sthayin @ gmail for further assistance
Aggregate gift received from friends and non-relatives are exempt upto 50000/-
If it exceeds 50000/- then entire gift amount is considered as deemed income and included under Income from other sources .
No seperate tax for such receipt of gifts. Usual tax rates applicable to total taxable income slabs.
If it exceeds 50000/- then entire gift amount is considered as deemed income and included under Income from other sources .
No seperate tax for such receipt of gifts. Usual tax rates applicable to total taxable income slabs.
1. The money value of gifts or gifts in cash will not be taxable up to Rs. 50,000 in aggregate per year if the same is received from friends and persons other than relative.
2. The gift will be taxable under the head Income from other sources, hence it will be taxed according to the applicable tax rate for such assessee.
Please correct me if the above solution has an alternative view.
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