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Gift received

Nishu Kotian (332 Points)

14 October 2019

what is the tax rate slab of gift received from frnd

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3 Replies

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 14 October 2019

As applicable to individual slab

5% , 20% and 30% depending upon amount

Thank you
You can also write to me at sthayin @ gmail for further assistance

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Kapadia Pravin (17259 Points)
Replied 15 October 2019

Aggregate gift received from friends and non-relatives are exempt upto 50000/-

If it exceeds 50000/- then entire gift amount is considered as deemed income and included under Income from other sources .

No seperate tax for such receipt of gifts. Usual tax rates applicable to total taxable income slabs.

Suresh Thiyagarajan (Student) (3986 Points)
Replied 15 October 2019

1. The money value of gifts or gifts in cash will not be taxable up to Rs. 50,000 in aggregate per year if the same is received from friends and persons other than relative.
2. The gift will be taxable under the head Income from other sources, hence it will be taxed according to the applicable tax rate for such assessee.
Please correct me if the above solution has an alternative view.