9 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 02 December 2010
Please refer to reply
Sunshine
(Helping All)
(10575 Points)
Replied 02 December 2010
gifts received whether in kind or case are taxable completely if the aggregate value exceeds Rs, 50000 in a financial year under income from other source subject to few exceptions....like gift from relative,on occasion of marriage,from trust or local authority or university or govt. or charritable inst. , on contemplation of death, by way of will or inheritence are not taxable...rest is taxable...
regards
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 02 December 2010
EXHAUSTIVE TABLE FOR GIFT
(to be read for quick reference and exams revision )
|
Particulars |
Gift in cash |
Gift in kind |
|
|
Received from employer |
FULLY TAXABLE |
EXEMPTED UP TO Rs. 5000
(value as on date of gift should be taken ) |
|
|
Received from relative# |
NOT TAXABLE |
NOT TAXABLE |
|
|
Received from Institution and local authority (whether gift is received from relative or outsiders). |
NOT TAXABLE |
NOT TAXABLE |
|
|
Gift received on the occasion of the marriage of the individual |
NOT TAXABLE |
NOT TAXABLE |
|
|
Any sum of money which is received under a will or by way of inheritance |
NOT TAXABLE |
NOT TAXABLE |
|
|
Any sum of money which is received in contemplation of death of the payer |
NOT TAXABLE |
NOT TAXABLE |
|
|
Cash gift received from person other then above |
In excess of Rs. 50000 during PY – entire gift is taxable |
· Immovable property – taxable if stamp duty value Rs. Exceeds Rs. 50000.
· Otherwise not taxable |
|
|
· Other property* - Taxable if FMV value Rs. Exceeds Rs. 50000
· Otherwise not taxable |
|||
|
Less of Rs. 50000 – NOT TAXABLE
|
|||
|
Gift received by a person from client in the course of business or profession [Perquisite from business or profession [Sec. 28(iv)] |
FULLY TAXABLE |
|
|
# Relative here 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).
* other Property here means
(i) Share and security
(ii) Jewellery
(iii) Drawing
(iv) painting
(v) Archaeological collection
(vi) Sculptures
(vii) Antique collection
(viii) Any work of art
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 02 December 2010
Excellent answer by Manmohan.
Regards,
Manoj
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 02 December 2010
Dear Manmohan
thanks for Brief Explanation
Nitesh Mangal
(CA-PCC Articale Assistant)
(269 Points)
Replied 02 December 2010
i agree with manmohan
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