Gift Taxablitiy

Are gifts received taxable?
Replies (9)

Please refer to reply

/forum/gift-taxablitiy-114914.asp

gifts received whether in kind or case are taxable completely if the aggregate value exceeds Rs, 50000 in a financial year under income from other source subject to few exceptions....like gift from relative,on occasion of marriage,from trust or local authority or university or govt. or charritable inst. , on contemplation of death, by way of will or inheritence are not taxable...rest is taxable...

regards

Agree With Sneha..

 

EXHAUSTIVE TABLE FOR GIFT

(to be read for quick reference and exams revision )

 

Particulars

Gift in cash

Gift in kind

 

Received  from employer

 FULLY TAXABLE

EXEMPTED UP TO Rs. 5000

(value as on date of gift should be taken )

 

Received from  relative#

NOT TAXABLE

NOT TAXABLE

 

Received from Institution and local authority (whether gift is received from relative or outsiders).

NOT TAXABLE

NOT TAXABLE

 

Gift received on the occasion of the marriage of the individual

NOT TAXABLE

NOT TAXABLE

 

Any sum of money which is received under a will or by way of inheritance

NOT TAXABLE

NOT TAXABLE

 

Any sum of money which is received in contemplation of death of the payer

NOT TAXABLE

NOT TAXABLE

 

Cash gift received from person other then above

In excess of Rs. 50000 during PY – entire gift is taxable

·         Immovable property – taxable if stamp duty value Rs. Exceeds Rs. 50000.

·         Otherwise not taxable

 

·      Other property* - Taxable if FMV value Rs. Exceeds Rs. 50000

·      Otherwise not taxable

 

Less of Rs. 50000 – NOT TAXABLE

 

 

Gift received by a person from client in the course of business or profession [Perquisite from business or profession [Sec. 28(iv)] 

FULLY TAXABLE

 

 

# 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

 

 

Excellent answer by Manmohan.

 

Regards,

 

Manoj

Dear Manmohan

thanks for Brief Explanation

 Manmohan answer is right

i agree with manmohan

i also agree with manmohan
 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details