Gift as Income
This query is : Resolved
20 October 2010
X receives a cash gift of Rs. 50,000/- on 15th June, 2009. Again he receives a cash gift of Rs. 50,000/= on 2nd October, 2009.
What will be the amount to be included in Income from other Sources for the Assessment Year 2010-11?
What will be the amount to be included in Income from other Sources for the Assessment Year 2010-11?
20 October 2010
Taxability depends on from whom gift is received. Any amount received from relatives specified u/s 56(vii) or on occasion of marriage is exempt from tax.
Relative Means
1. Spouse of the individual
2. Brother or sister
3. Brother or sister of the spouse
4. Brother or sister of either of the parents of the individual
5. Any lineal ascendants or descendant of the individual
6. And lineal ascendant or descendant of the spouse
7. Spouse of the person referred to in (2) to (6)
Any amount received in excess of Rs 50000/- from persons other than relatives/entities as specified u/s 56(vii) will be taxable.
Relative Means
1. Spouse of the individual
2. Brother or sister
3. Brother or sister of the spouse
4. Brother or sister of either of the parents of the individual
5. Any lineal ascendants or descendant of the individual
6. And lineal ascendant or descendant of the spouse
7. Spouse of the person referred to in (2) to (6)
Any amount received in excess of Rs 50000/- from persons other than relatives/entities as specified u/s 56(vii) will be taxable.
20 October 2010
For details on Taxability of Gift, check out following file from files section---
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp
22 October 2010
Both the gift are exempt in the assessment year 2010-11. This exemption is only for Assessment Year 2010-11.
However, if there is same situation in Assessment Year 2011-12, then all gifts amounting to Rs. 1,00,000 (50,000+50,000) shall be taxable.
However, if there is same situation in Assessment Year 2011-12, then all gifts amounting to Rs. 1,00,000 (50,000+50,000) shall be taxable.
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