Query on Gift Tax

Piyush..

Yes, As per section 53 (2) (vi) gifts in access of 50,000 (in cash) are taxable exept on some occassions and from relatives. Please go through section 53 (2) (vi) for details.

Gifts in kind are not taxable at all.  However for tax implications you will need to see the rules relating to clubbing of income.

Yes, Brother and sister fall in the definition of Relative for the purposes of this section.

Thanks.

Dear Piyush,

Just want to correct waht Naveen said that the Secis 56(2) and with the Finance Act 2009, Gifts in KIND has also been made taxable exceeding Rs. 50,000...

   Provided further that this clause shall not apply to any sum of money or any property received—

Relative means:-

           (i) spouse of the individual;

Dear Peeyush,

Plz find the attached file.It will definitely solve your querry.

thanks to CA Reetika Agarwal......very useful for all......

i want to take gift of shares from my brother Rs 1,00,000.As he is my brother then no GIFT TAX issue ,shall I have to make a gift deed or not ???????.............

Is gift received/given from/to maternal uncle of the spouse of individual falls under the category  "any lineal ascendant or descendant of the spouse of the individual"?  kindly advise

Is gift received/given from/to maternal uncle of the spouse of individual falls under the category  "any lineal ascendant or descendant of the spouse of the individual"?  kindly advise

what is the coverage under lineal ascendent or discendent of the individual?

Dear Ankit....

What u exactly want????

Dear Balaji,

Thanks for the interest you are showing.  I want the answer to the question

WHO ARE ALL COVERED UNDER THE CATEGORY any lineal ascendant or descendant of the spouse of the individual"? IS MATERNAL UNCLE OF THE SPOUSE OF THE INDIVIDUAL WILL BE TREATED AS A RELATIVE FOR THIS PURPOSE?

SUDHA.M

Dear Sudha,

All it is not clear but I think,

Maternal Uncle of the spouse will NOT be covered under Lineal Ascendant or Descendant

 https://www.hindu.com/biz/2005/10/10/stories/2005101000421700.htm

AMIR...

CAN U PLZ TELL WEATHER GIFT OF A IMMOVABLE PROPERTY ABOVE 50000..EX A GEM OF 1,00,000 GIVEN AS GIFT TO NON-RELATIVE FOR 30,000 WILL 70000 BE TAXABLE OR 70000-50000 I.E 20000 B TAXABLE..??