Treatment of Tax under Gift

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Pavan Kumar

192 Points Joined March 2017

Dear sir,
1) Can I received donation of Rs.50lakhs by cheque or cash and is any requirement of any deed.

2) Can I received a house of Ra.50lakhs in a form of donation.

Note : In both cases doonation by individual who is not cover under relative definition.

Pls suggest me tax treatment and which option should be better.

Thanks

Replies (1)

Kiran Hathalia

837 Points Joined June 2017

Any sum of money received in excess of Rs.50,000 and immovable property without consideration in excess of Rs.50,000 shall be chargeable to tax u/s 56(2) of the Act. If the amount is received in cash, then it shall have penal consequences such as penalty u/s 269ST and prosecution as well.