Gifts
Divya (Studeny) (379 Points)
15 April 2014
SURESHAN K
(Auditor)
(189 Points)
Replied 15 April 2014
Taxable as per Section 56(2)(vii)(c). But there are certain exceptions they are:
- any sum of money or any property received
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.
Divya
(Studeny)
(379 Points)
Replied 15 April 2014
SURESHAN K
(Auditor)
(189 Points)
Replied 15 April 2014
That will depend upon your total income. e.g. you have received a gift, say jewellery worth 1,00,000/- and you have no other income then your total income is 1,00,000/- which is below the maximum limit of income not chargeable to tax (basic exemption). hence no tax is payable.
Divya
(Studeny)
(379 Points)
Replied 15 April 2014
SURESHAN K
(Auditor)
(189 Points)
Replied 16 April 2014
If you got Car (value say 500000) and AC ( value say 24000) as gift during FY2014-15 and have no other income then your total income is 5,24,000/-. You have to pay Rs.35,844/- towards IT including cess.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)