taxability of gift

yes it is taxable if the value of gift exceeds rs.50000.because the benefit u/s 56 is applied only when gift is received on the occasion of the marriage of the individual

From Assessment Year 2010-11 any gifts received in excess of rs 50000/- during a year will b taxable.

dear aditya sir

i agree with u but this is not applicable in some specified cases as mentioned earlier in sec.56(2)(vi) and new section 56(2)(vii) which is effective from 1.10.09.plz aditya sir kindly read the amendmnet made in finance act. free whether it value exceed rs.50000 or not.

Hi Friendz,

Nice discussion...........!

I think in the present case two questions needs to be answered.

First a question of fact - "Whether Gifts received were ACTUALLY meant for the OCCASION of marriage or not? - So lets not focus on this cos this will vary from case to case.

Second a question of Law - "OCCASION" - is it related to "OCCURENCE OF AN EVENT ONLY" or "occurence of an event AT A POINT OF TIME"

I am not very sure but would like to go with the first one so it will be exempt....

hi

i am attached material related to queries about the gift tax notes briefly and applicability of percentage also 

Hi,

 Good discussion going on..

I want to know what is the relevance of time of receipt of gift (means other than unreasonable lapse of time), how can it be established at the time of assessment that gift was received after 30 days of marriage(if it is in same A.Y) if one claims that it is on date of marriage. i.e whether bill has to be produced which is not possible.

So, as per my view a reasonable period around the occurrence of event will be easily taken as the exempted gift i.e the gift is on account of the event.

thanx

Y

From A. Y. 2010-11 any gifts received in excess of rs 50000/- during a year will b taxable.and there are on the occasion of the marriage ok 

If Gift received in cash is more than 50000/- than the whole amount of Gift will be taxable.

From A Y 2010-2011 Gift received in kind is also taxable if its value is more than 50000/-

here in income tax provisions it's clearly stated that 

on the occasion of the marriage of the individual; 

now the word occasion means

the day in which the marriage was

so after the one month it's taxable 

but practically 

gift par dates kaha hoti hai 

whenever you received the gifts you can raise that it's on the date of occasion of the marriage and when the you need the invoice you can get from you frend

Mr Tarun...

 The sec 56(2)(vi) deals with the gift received in cash &

The new sec. 56(2)(vii) is inserted w.e.f 1.10.2009 deals with gift received in kinds(like shares, immovable properties etc.).

mr kushal plz read this carefully and if u find the same answer as u submitted then  make me correct

In section 56 of the Income-tax Act, in sub-section (2),—

          (a)  with effect from the 1st day of October, 2009,—

       (i)  in clause (vi), after the words, figures and letters “on or after the 1st day of April, 2006”, the words, figures and letters “but before the 1st day of October, 2009” shall be in­serted;

      (ii)  after clause (vi), the following clause shall be in­serted, namely :—

      ‘(vii)  where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—

      (a)  any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;

      (b)  any immovable property,—

               (i)  without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;

              (ii)  for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration;

      (c)  any property, other than immovable property,—

               (i)  without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggre­gate fair market value of such property