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gift taxability

Others 373 views 8 replies

ASHUTOSH Rai

13 Points Posted on 16 October 2018

which of the following gift will be taxable, and why ?
a) gift received on marriage anniversary from father;
b) gift received on B'day from wife;
c) gift received from very close friend on assessee's marriage;
d) gift received on new year from brother of grandfather;

Replies (8)

MOHAMMED IMRAN

1020 Points Posted on 16 October 2018

d) Gift received from on new year from brother of grandfather.
because brother of grandfather is not within the meaning of relative
if totally property. received during the year in excess of rs 50,000 the hole amount is taxable

ASHUTOSH Rai

13 Points Posted on 16 October 2018

father is in meaning of relative ?

VAIBHAV CHATURVEDI

CA ARTICLE

143 Points Posted on 16 October 2018

only d) is taxable

SHIVANI KUDTARKAR

512 Points Posted on 16 October 2018

yes father is within the meaning of defination of relative

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 16 October 2018

Originally posted by : ASHUTOSH Rai

which of the following gift will be taxable, and why ?

a) gift received on marriage anniversary from father;

b) gift received on B'day from wife;

c) gift received from very close friend on assessee's marriage;

d) gift received on new year from brother of grandfather;

As per my view C is taxable. Bcoz, Friend is not a relative under definition of relative. So, If Gift is above 50k then it's taxable.

MOHAMMED IMRAN

1020 Points Posted on 16 October 2018

Mr. RAJA P M income tax is governed by income tax act
not as per your view
ANY AMOUNT received on occasion of assessee s marriage is not chargeable to tax

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 16 October 2018

Originally posted by : MOHAMMED IMRAN
	Mr. RAJA P M income tax is governed by income tax act not as per your view ANY AMOUNT received on occasion of assessee s marriage is not chargeable to tax

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