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Gifts received by an individual
Dear Sir
Under Which Sub Section shall in enter my Income from Other Source (i.e. Gifts received by an individual on his own marriage )to get fully exempted from Gift Tax?
Under which ITR should i use if individual will is non Working Woman and have no income ?
What if Total Marriage Gift is 17lac and Individual have no other income During the FY 2015-16?
Is there any Possibility to have notice from Department for Assessment
Replies (2)
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Income Tax on Gift received by an individual or HUF is governed by provisions of Section 56(ii) of the Income Tax Act. As per the provisions of this Section, Gift Tax will not be levied under the following 7 circumstances
- Gifts received from Relatives.
- If the aggregate value of gifts received is less than Rs. 50,000.
- On the occasion of Marriage of the Individual.
- Gifts received under a Will or by way of Inheritance or in contemplation of death of the payer.
- Gifts received from any Local Authority as defined in Section 10(20) is also exempt.
- Gifts received from any fund or foundation or university or other education institution or hospital or other medical institution or any other trust or institution referred to in section 10(23C) or Gifts received from any fund or Institution registered under Section 12AA.
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