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Income tax on gift

Ankur mehta (Accountant) (28 Points)

13 April 2016

Dear Sir, (1) if I receive a monetary gift of 51000/- from my elder brother on my birthday, will it be taxable income in my hand ? (2) if I receive monetary gift of 51000/- by cheque from my elder brother (without any occasion), will it be taxable income in my hand ? Your prompt reply will be highly appreciated. Thanks. Ankur 9510221768

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8 Replies

Shubham Gupta (Business Consultants) (2077 Points)
Replied 13 April 2016

Gift received from relatives is not taxable, even received in excess of 50000 in cash or by cheque.

Relatives includes for gift transactions:

- Your spouse

- Your brother or sister

- Brother or sister of your spouse

- Brother or sister of either of your parents

- Any of your lineal ascendants or descendants

- Any lineal ascendant or descendant of your spouse

- Spouse of the persons referred to in (2) to (6)

1 Like

Deepak Kumar (Chartered Accoountant) (270 Points)
Replied 13 April 2016

Agreed with Shubham Gupta

Parveen Bansal (Taxation work) (46 Points)
Replied 13 April 2016

Agreed with shubham ji... Further in your case ocassion of does not matter, if we received a gift from relatives, so in your both cases it is exempt income... Note: If you received a gift from a person other than relative on the ocassion of marriage then also it is exempt.

ram shankar (chartered accountant) (42 Points)
Replied 13 April 2016

gifts received from relatives is not taxable.

CA Hanuman Innani (Charteted Accountant) (72 Points)
Replied 14 April 2016

Same answer as said by shubham.

Saurabh (CA ) (55 Points)
Replied 14 April 2016

One of the Query is ..

If an individual receive cash as a gift on the occasion of Marriage, then how can the individual can justify the same during scrutiny..?

If the cash received totalling to Rs.6,08,505.00

Shubham Gupta (Business Consultants) (2077 Points)
Replied 14 April 2016

proper documentation kept will be helpfull

like name of person who have gifted.

also a reasonable amount of idea about no. of guests you called in the marriage along with estimated expense that you in curred in marriage function.

1 Like

shubham agarwall (...) (33 Points)
Replied 14 April 2016

On marriage occasion rs. 608505 is simply justified by giving almost 100-130 pepole name & addressed which are invited by assesse. And furher assesse gives marriage card, place charges receipt...as evidence.

1 Like