Gift
Querist : Anonymous
Querist : Anonymous
Please give me the reference or link.
Thanks
http://www.moneycontrol.com/news/tax/gift-tax-whatsa-gift_664238.html
Querist : Anonymous
One more query is that if cash gift is not received from relative person then it will be taxable or not?
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.
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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