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Gift u/s 56(2)(6)

priyank (article) (27 Points)

15 February 2012

if gift received form relative in a year is rs.350000/- and from others is rs.36000/- in the same year than whether the gift received from others is taxable ot not?

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6 Replies

aswini (CA Final ) (25 Points)
Replied 15 February 2012

Not taxable.Gift from others is taxable only when it exceeds 50,000. Gift from relatives is not considered here.

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neelesh (student) (67 Points)
Replied 22 February 2012

where any sum of money exceeding fifty thousand rupees is received without consideration by an individual or a Hindu undivided family from any person

Provided that this clause shall not apply to any sum of money received—

(a) from any relative; or

(b) on the occasion of the marriage of the individual; or

(d) in contemplation of death of the payer.

Explanation.—For the purposes of this clause, “relative” means—

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi).

mahaveer dhelariya (devta) (practisioner) (692 Points)
Replied 22 February 2012

Provided that this clause shall not apply to any sum of money received relativies, but subject to clubbing provisions.

mahaveer dhelariya (devta) (practisioner) (692 Points)
Replied 22 February 2012

Provided that this clause shall not apply to any sum of money received relativies, but subject to clubbing provisions.

mahaveer dhelariya (devta) (practisioner) (692 Points)
Replied 22 February 2012

Provided that this clause shall not apply to any sum of money received relativies, but subject to clubbing provisions.

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yogesh kansal (n.a board colo) (21 Points)
Replied 22 February 2012

1. GIFT FROM RELATIVE: NOT TAXABLE AS GIFT RECEIVED FROM THE RELATIVE IS NOT TAXABLE PROVIDED THE RELATIVE FALL UNDER THE DEFINITION OF THE RELATIVE.

2. GIFT FROM OTHERS: NOT TAXABLE AS THE TOTAL GIFT AMOUNT DOES NOT INCREASE THE AMOUNT OF RS. 50000.