Where should i enter received gift Rs. 500000 from father in computation. Any tax liability. Pls guide me.
6 Replies
sudharshan reddy
(CA )
(42 Points)
Replied 05 December 2017
As section 56 of the Income Tax Act,
If the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.
However, this rule is not applicable if your relatives present the gifts.
Relatives as per income tax act, 1961
- Parents
- Spouse
- Your and your spouse’s brothers and sisters
- Brothers and sisters of your parents
- Your lineal descendants (including spouses)
- Lineal descendants (including spouses) of your spouse
Accordingly, in your case total amount is not taxable in your hand.
Sunil Ahmad
(Student)
(1511 Points)
Replied 05 December 2017
Exempt ,since gift received from father (relative)
eusuf
(CA )
(39 Points)
Replied 05 December 2017
Ensure that father is able to provide proper source for the said gift by way
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