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?
aswini
(CA Final )
(25 Points)
Replied 15 February 2012
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
(c) under a will or by way of inheritance; 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.
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.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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