Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2012 I received gift from my father's friend on the occasion of marriage. Whether it is exempt in concern of occasion of mariage or it is taxable?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 December 2012 Gift received from non-relatives on the occasion of marriage is EXEMPT.

Sanket

Sanket (Expert)
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05 December 2012 Gifts received from relatives on the occasion of marriage (including gifts received by daughter-in-law from parents-in-law; but excluding gifts received by son-in-law from parents-in-law.....

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Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2012 Dear Sanket

Please give me the reference or link.

Thanks

Sanket

Sanket (Expert)
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05 December 2012 Follow the link....

http://www.moneycontrol.com/news/tax/gift-tax-whatsa-gift_664238.html

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2012 Thanks Sidhartha and Sanket

One more query is that if cash gift is not received from relative person then it will be taxable or not?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 December 2012 1. Gifts received from relatives is EXEMPT (whether on the occasion of marriage or otherwise).

2. Gifts received from non-relatives on the occasion of marriage is exempt.

3. Gifts received from non-relatives otherwise than on the occasion of marriage are exempt if the aggregate amount of gifts during the year does not exceed Rs. 50,000

If it exceeds Rs. 50,000, then ALL the gifts are taxable.

Please read Section 56(2)(vii) of the Income Tax Act.

Sanket

Sanket (Expert)
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05 December 2012 Previously, cash gifts of up to Rs 50,000 were tax free. However, if the gift was more than Rs 50,000, then the entire amount was taxed.

Under the new law, any gift received in cash or kind exceeding Rs.50,000 or purchase of movable or immovable property for inadequate payment is taxed in the hands of recipient as “income from other sources.”

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