Is Gift from Relative Exempt from Income Tax in India?
I got a gift from a relative during the year in both the forms cash gifts and non-cash gifts. Is there any tax which I need to pay as a part of Income Tax Return Filing.
According to the current guidelines, any other gifts was given at cash as type surpassing Rs 50,000 try taxed in the possession of of this person as "income off their resources". Anyhow, this particular rule does not apply to merchandise got starting family. Additionally, every gift received on the celebration of relationship, using a might or even inheritance is not taxed inside fingers.
Though there is no taxation in presents, nearly all gifted when addition to Rs 50,000 (besides people after loved ones) additionally money produced by using them all bring clubbed using the recipient's taxable money. Nevertheless, money attained through assets gifted on slight offspring, mate and also son's spouse tend to be contained in the earnings associated with donor for the taxation.