Gifts received-taxability
This query is : Resolved
27 February 2014
sir/madam,
Which gifts received are exempted from tax and which gifts received are taxable? gifts received from father, husband, children are taxable or exempted from tax?
MURTY
Which gifts received are exempted from tax and which gifts received are taxable? gifts received from father, husband, children are taxable or exempted from tax?
MURTY
27 February 2014
Any gift in cash >50k rcvd from relative, on the occasion of marriage of receiver, wii/inheritance is exempt fully.
Gift in kind/Property :
Property given without consideration (i.e. in true sense gift) then Fare Market Value (for movable property)or Stamp Duty Value (for immovable property)which exceeds 50k is taxable i.e. up to 50k value exempt.
Gift in kind/Property :
Property given without consideration (i.e. in true sense gift) then Fare Market Value (for movable property)or Stamp Duty Value (for immovable property)which exceeds 50k is taxable i.e. up to 50k value exempt.
Message likes :
1 times
27 February 2014
mind well that in case of transfer of property less than 50k to merely avoid tax will attract capital gain provision on transferer of property.
Message likes :
1 times
27 February 2014
There is no limit on gift to be received from Relatives..
50,000 Limit is for Non Relatives.
50,000 Limit is for Non Relatives.
Message likes :
1 times
27 February 2014
right anand, that's my mistake
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
