04 May 2016
Dear sir, Mr. X has given the gift of Rs. 70000 In other than blood relation, plz guide Me as this gift is taxable but in whose hand this gift will be taxable weather in The hand of mr. X or in the hand of Gift receiver,
04 May 2016
It will be taxable in the hand of receiver. there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount received (not additional).
Any amount received by relatives is not taxable at all.Following is the list of relations which are considered as “relatives” for this: (Blood relation is not required)
Your spouse Your brother or sister Brother or sister of your spouse Brother or sister of either of your parents Any of your lineal ascendants or descendants Any lineal ascendant or descendant of your spouse Spouse of the persons referred in above points
Any amount received as Wedding Gift is not taxable, any amount you get, as wedding gift is not taxable in your hands, either from relative or non-relative.
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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