income tax gift taxation

Open uri20170510 32134 9p7be3?1494421783 rashmi asked over 3 years ago

if gift is received in kind more than lakhs is it taxable r not in other sources.

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8 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pankaj answered almost 3 years ago

Hello Gift received more than Rs.50000 is taxable in the hands of the receiver. There is exemption to this in case of relatives as define in the ACT 1961 and gift received on occasions. So, the gift received in cash or kind exceeds Rs.50000 in value then it is taxable. Click on the link to see full information relating to gift tax: www.cakart.in/blog/gift-tax-in-india/

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

The first major rule which every person should know is that there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount received. For example- A received gift from his friend B 40000, C 10000, and D 20000 When he received gift from B and C total amount was 50000 not taxable But after received gift from D total amount was 70000 than A have to pay tax on total gift amount 70000/- Another rule for income tax on gifts, is that any amount received from specified relatives is totally tax free in the hands of recipient. So if a relative gives you gift in form of cash/cheque or in consideration, you will not have to pay any tax on the amount received.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 3 years ago

Income tax Act has defined Rs. 50,000 as the exemption limit. If the total value of gifts (whether in cash or in kind) received from a persons (except relatives ) in any financial year does not exceed Rs. 50,000/-, then such gift are not liable to Gift Tax. However, if the value of gifts received exceeds Rs. 50,000/-. Then the entire gift so received is taxable as Income from other sources.

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered over 3 years ago

Hiiii friend..... Gift received more than Rs.50000 is taxable in the hands of the receiver. There is exemption to this in case of relatives and gift received on occasions. So, the gift received in cash or kind exceeds Rs.50000 in value then it is taxable. Click on the link to see full information relating to gift tax: [www.cakart.in/blog/gift-tax-in-india/] https://www.cakart.in/blog/gift-tax-in-india/ Regards,

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Open uri20170510 32134 1nqu8aj?1494421649 sowmya answered over 3 years ago

Hii According to income tax act the exemption limit for the gift is rs. 50000 So If aggregate value is less than Rs.50000 than nothing will be taxable. If value exceeds Rs. 50,000, the whole amount will be taxable. Movable* Property** Without Consideration: 1 . If aggregate Fair Market value is less than Rs.50000/- than nothing will be taxable. For Donor: No Capital Gain because u/s 47(iii), it is not considered transfer. For Donee: – 56(2)(vii) is not applicable. – Cost of Acquisition (COA) will be previous owner’s Cost as per Sec 49(1). – Holding period of previous owner period will be counted for donee. 2 . If aggregate Fair Market value is more than Rs.50000 : For Donor: No Capital Gain because u/s 47(iii), it is not consider transfer. For Donee: – COA will be Fair Market Value (FMV) – FMV shall be income from other Sources u/s 56(2) (vii). – Holding period will be counted from the date of acquisition of property by donee. Immovable Property (Land, Building or Both): Without Consideration: 3 . if Stamp Duty value(SDV) is less than Rs.50000/- than nothing will be taxable. For Donor: No Capital Gain because u/s 47(iii) it is not consider transfer. For Donee: – 56(2)(vii) is not applicable. – COA will be previous owner Cost as per sec 49(1). – Holding period of previous owner period will be counted for donee. 4 . if Stamp Duty value is more than Rs.50000/- : For Donor: No Capital Gain because u/s 47(iii) it is not consider transfer. For Donee: – SDV is income from other Sources u/s 56(2)(vii). – COA will be SDV. – Holding period will be counted from acquisition of property by donee. - And relatives means – Spouse of Individual – Brother & Sister of Individual – Brother & Sister of Spouse of Individual – Brother & Sister of either of the parents of Individual – Any Lineal ascendants or descendants of the individual -Any Lineal ascendants or descendants of the spouse of the individual.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered over 3 years ago

**INCOME TAX GIFT TAXATION** If gift is received of more than Rs 50,000 from anyone other than relatives it is taxable under the head income from other sources Relative here means spouse of the individual Brother or sister of individual Brother or sister of the spouse of individual Brother or sister of either of parents of individual. Any lineal ascendant or descendant of the individual Any lineal ascendant or descendant of the spouse of individual. Also gift is not taxable if it is given on the occasion of marriage Or under a will or by way or inheritance In contemplation of death of the payer From local authority Thanks

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Data?1494421730 rohit awasthi answered over 3 years ago

Hello Rashmi Gift Taxation The first major rule which every person should know is that there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount received. For example- A received gift from his friend B 40000, C 10000, and D 20000 When he received gift from B and C total amount was 50000 not taxable But after received gift from D total amount was 70000 than A have to pay tax on total gift amount 70000/- Another rule for income tax on gifts, is that any amount received from specified relatives is totally tax free in the hands of recipient. So if a relative gives you gift in form of cash/cheque or in consideration, you will not have to pay any tax on the amount received. One of the few advantages of getting married is that any amount you get, as wedding gift is not taxable in your hands, either from relative or non-relative. When any sum of money or any property is received under a will or by way of inheritance, it is totally exempt from Gift Tax. Gift Tax on Movable/ Immovable properties- There is a valuation aspect involved in gifting of immovable properties -- If the property is gifted without any consideration then if the stamp duty value exceeds Rs. 50000/-, stamp duty value will be taken -- If the property is gifted for a consideration, then the actual value of the property will be taken In case of other properties: -- If gifted without consideration and fair market value exceeds 50,000, then the fair market value will be taken as the final value -- If gifted for a consideration and the Fair Market Value (FMV) less consideration is greater than 50000, then the FMV less consideration amount will be taken as the value of the gift.

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Picsjoin 2017224123730582 Archana answered over 3 years ago

Hie Rashmi, **If gift is received in kind more than lakhs then it will be taxable in the head Income from other sources except in case of relatives :-** Income tax Act has defined Rs. 50,000 as the exemption limit. If the total value of gifts (whether in cash or in kind) received from a persons (except relatives ) in any financial year does not exceed Rs. 50,000/-, then such gift are not liable to Gift Tax. However, if the value of gifts received exceeds Rs. 50,000/-. Then the entire gift so received is taxable as Income from other sources.

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