Are gifts received taxable?
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 02 December 2010
Yes it is taxable under the income from other sources if the total amount of gift received by Individual or HUF from all persons together, within financial year exceeds Rs. 50,000 provided the following gofts are not taxable at all and neither it should be considered for reckoning the abovesaid exemption limit of rs.50,000 following are those exceptions ::
1. Received frm relatives
2. Received at the time of marriage
3. Received by will/ inheritance
4. Received on death of the payer.
5. Received from Local authority, and institutions u/s 10(23C)
Hope this solves ur query.
Regards,
manoj
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