Tax on gift received.
This query is : Resolved
22 September 2013
if am get gift on my birthday from my father Rs. 10,000 & from my friend Rs. 8,000. so what can i do in ITR file. pls, tell me rull of gift received.
22 September 2013
As per the IT act if the gift received from relatives is fully exempted to tax.
And gift received from non-relatives is taxable only if aggregate of such gift received value exceeds Rs.50000 under income from other sources head.
Father considers as relative as per the IT Act and friend is non relative.
So in your case gift received from father is fully exempted to tax. And gift received from friend is taxable but in your case total gift value received from non-relatives is less than Rs.50000 so it is also exempted.
So you have to show this exempted income at the Schedule EI while filling of your ITR at the appropriate column provided their.
OM SAI SRI SAI JAI JAI SAI
And gift received from non-relatives is taxable only if aggregate of such gift received value exceeds Rs.50000 under income from other sources head.
Father considers as relative as per the IT Act and friend is non relative.
So in your case gift received from father is fully exempted to tax. And gift received from friend is taxable but in your case total gift value received from non-relatives is less than Rs.50000 so it is also exempted.
So you have to show this exempted income at the Schedule EI while filling of your ITR at the appropriate column provided their.
OM SAI SRI SAI JAI JAI SAI
22 September 2013
Agree with Expert,
Gift whether Cash or in Kind from relatives specified in income tax act, is exempt from tax...
However gift from non-relative is exempt up to 50000 in a year...
Gift whether Cash or in Kind from relatives specified in income tax act, is exempt from tax...
However gift from non-relative is exempt up to 50000 in a year...
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