asim jana (accounts head) (205 Points)
28 March 2013Dear Sir,
My mother gives me Rs. 1,50,000/- cash, out of this amount I purchased gold ornaments for Rs. 1,40,000/- and the bill made in the name of mine. Now the question is, can I show the amount as gift from mother in ITR? Is it taxable income from my side? Please advice me. and which section it will be exemted.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 28 March 2013
dev
(Others)
(42 Points)
Replied 10 April 2013
@ VIKAS... I have know that gift only Rs 30000 / year is tax free... please put more light on it... I may be wrong...
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 11 April 2013
nope....gift received from relative is fully exempt, ur case arises if it is other than relatives ofcourse this has been increased to 50000 in recent years i guess.
sec 56(2)vi: where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006 1a[but before the 1st day of October, 2009], the whole of the aggregate value of such sum:
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; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.
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);]
CAclubindia
