Gift income

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TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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27 January 2016 Whether Gift Income is taxable ?

Arpit Shah

Arpit Shah (Expert)
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27 January 2016 http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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27 January 2016 Gift received by an individual or HUF from a non-relative, in excess of Rs. 50000 (aggregate value) is taxable u/s 56(vii) in respect of cash or immovable property or movable property.

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Dhirajlal Rambhia online

Dhirajlal Rambhia online

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04 October 2021 Any amount of Gift received from following 'Relatives' are not taxable ...
1. Spouse of the individual

2. Brother or sister of the individual

3. Brother or sister of the spouse of the individual

4. Brother or sister of either of the parents of the individual

5. Any lineal ascendant or descendant of the individual

6. Any lineal ascendant or descendant of spouse of the individual

7. Spouse of the person referred in point 2-6 above