Taxability of gift

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If a person receive cash gift of Rs 30000 then it is taxable or not under Income Tax Act ?
Replies (9)

Not if it is from selected relative.

not taxable in any case

Till 50K is not concerning IMHO

If the Gifts amount does not exceed Rs. 50,000 (in aggregate during the previous year), it will be exemped. If it exceeds Rs. 50,000, then the entire amount will be taxable.

 

On the other hand, if it's from a relative, gifts are totally exempted regardless of how much the amount is.

No the aggregate gift recd during the FY should not exceed Rs 50000/- else entire amt would be taxable (excluding those considered in the list specified below the following cases monetary gift will not be charged to tax. Money received from relatives (*). Money received by a HUF from its members. Money received on the occasion of the marriage of the individual. Money received under will/ by way of inheritance. Money received in contemplation of death of the payer or donor. Money received from a local authority as defined under section 10(20) of the Income-tax Act. Money received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in Section 10(23C). Money received from a trust or institution registered under ssection 12AA. (*) Relative for this purpose means: (a) Spouse of the individual; (b) Brother or sister of the individual; (c) Brother or sister of the spouse of the individual; (d) Brother or sister of either of the parents of the individual; (e) Any lineal ascendant or descendent of the individual; (f) Any lineal ascendant or descendent of the spouse of the individual; (g) Spouse of the persons referred to in (b) to (f).​
Agree with Shrikant and Rinkal.
There is no provision of taxability up to 50000
Gift is defined u/s 56(2).....relative is defined u/s 2(31)....Only lineal ascendends are included i.e mother father....Grand father is excluded from d definition of relative.... so it is taxable...but it will be exempt if aggregate amount of gift received during the yr from non relative is upto 50000...if gift is received on the occasion of marriage it is fully exempt.
@ Naveen Sharma: Relative for the purpose of 56(2)(vii) means: Any lineal ascendant or descendent of the individual Which means grandfather, great grandfather all are included.


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