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  1. taxguru.in › income-tax › taxability-gifts-receivedTaxability of Gifts received from Relatives & Non Relatives

    Jul 31, 2018 · Gifts received From Relatives. As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. Here the “relatives” term defines by the Income Tax act as follows : Spouse of the individual

  2. cleartax.in › s › how-are-gifts-taxedHow are Gifts Taxed? - Gift Tax Exemption Relatives List

    5 days ago · Any gift from relatives are non taxable. Also any gift of other than relatives (eg. friends ) is tax free upto limit of Rs 50,000. Such gift can be in cash or in kind.

  3. taxguru.in › income-tax › section-56-taxation-giftSection 56 – Taxation of gift received - Tax Guru

    Aug 29, 2018 · Gift Received from Relative. Any sum of money or kind received as gift from relatives will not be taxable at all means there is no limit specified for amount (gift) received by relative hence any amount received by relatives is not taxable. e.g If your brother gift u Rs 50, 00,000 than it will not be taxable in the hand of recipient (you). Gift ...

  4. incometaxindia.gov.in › Tutorials › 18Tax Treatment of Gifts

    Tax Treatment of Gifts

  5. taxguru.in › income-tax › taxability-of-giftTaxability of Gift received by an individual or HUF with FAQs

    Jul 24, 2023 · The guide covers various aspects, including the threshold limit of Rs. 50,000 for monetary gifts, exemptions for gifts received from relatives, occasions where monetary gifts are not taxable, and taxability of gifts from friends and abroad.

  6. tax2win.in › guide › gift-taxation-exemption-relativesHow are Gifts Taxed? - Gift Tax Exemption Relatives List

    May 21, 2024 · However, if any gift received from a person other than a relative exceeds the value of Rs.50,000 in a year, then the entire amount received as a gift is taxable. For example, If a taxpayer receives a gift of Rs.40,000 from another person, then the entire amount will be exempt from tax.

  7. www.paisabazaar.com › tax › tax-on-gifts-in-indiaTax on Gifts in India FY 2024-25 - Limits, Exemptions and Rules

    Apr 2, 2024 · Gifts up to Rs. 50,000 per annum are exempt from tax in India. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from tax. Gifts in other cases are taxable. Let us know more about gifts and income tax applicable on gifts in India.