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GIFT TAX
What Falls Under Gif Tax?
Under the I-T law, any sum of mo movable or immovable property ceived by you without considerat (without a quid pro quo) is charge to tax as `Income from other sour -even winnings from lotteries, in est income, to name a few, fall un this head.
EXEMPTIONS AVAILABLE
However, certain exemptions are available, and not all `gifts' would be tax in your hands.
Gifts From Relatives Not Taxa | Cash, cheques or gifts in kind received from relatives, which includes not just your spouse, also your and your spouse, siblings, brothers-in-law sisters-in-law, maternal, paternal aunts and un (and their spouses) is taxable. Gifts received when you get married under a will or by way inheritance are not taxable Up To Rs 50,000 Not Taxable | Cash or gifts in k (presents) from non-r taxable T value of Rs 50,000 in a year. Howe if it is, say Rs 55,000, then this en value of Rs 55,000 is added to your, gross total income and you pay tailored not taxable able been gifted immovable property , w re out any consideration, and the st in duty value exceeds Rs 50,000, it is but stamp duty value which will be sees' of your gross income. However, if and have paid some consideration, but l or still less than the stamp duty value difference is added to your income.
Not presents other than immovable provided (say jewellery) the same principle, or applies except that the fair ma of value of such a gift is considered.
Beware of I-T provisions here. For instance you've gifted your wife -who housewife -a cheque of Rs 1 lakh
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