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  2. 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

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

    Tax Treatment of Gifts

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

    • Gift Taxation in India
    • Provisions Relating to Stamp Duty
    • Exemptions from Gift Tax

    As per Section 56 of the Income-tax Act,1961 as it stands today which was amended in 2017, gifts received by any person or persons are taxed in the hands of the recipient under the head ‘Income from other sources’ at normal tax rates. We have discussed below what kind of gifts are covered and their quantum to be taxed. The provisions relating to gi...

    See full list on cleartax.in

    Provisions relating to considering the stamp duty value are similar to the provisions as per Section 50C. Let us discuss the provision for the purpose of gift tax in brief below: 1. For the purpose of computing gift tax in the case of immovable property, stamp duty value is what needs to be considered. However, stamp duty value can be higher due to...

    See full list on cleartax.in

    As mentioned above, certain specified gifts received by any person from any person(s) attract gift tax. However, here are some exceptions to this. General caution: Due to extensive tax planning using gifts, gifts in India generally fall under the scrutiny of the tax department, especially if the quantum is huge. Hence, it may be advisable to mainta...

    See full list on cleartax.in

  5. 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 ...

  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. 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.

  8. economictimes.indiatimes.com › wealth › taxGifts have to be declared in ITR: Here's how they are taxed

    Jul 18, 2018 · Gift of money: Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.