i am little bit confused about these. Sending Birthday Greetings to our family, friends, partner or other important people in life is a very tough task because when we think to wish them through wishes only a single question arises in mind that how to wish them from which they feel a special person of the world in your life.
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Is there any tax payable if we gifted someone any luxurious item on his birthday
Replies (2)
no tax liability... because gifts are exempt if and only if it is given to family , relatives, etc..
As per the IT Act, 1961, 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 the gift is received from a relative.
These relatives are:
- 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
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