Tax on Gift: As per the provisions of the Income Tax Act, any gift you receive is taxable. Although concession is also available on some gifts, till the financial year 2003-04, any type of tax ie income tax was not applicable on gifts. The Income Tax Act was amended in 2004 to make gifts taxable. In today’s time, any type of gift whether it is in the form of cash or in the form of any material is taxable.
gift from a relative
No tax is levied on money or gifts received from any person, spouse, individual or spouse’s parents, descendants.
There is no gift of any kind on any type of gift received in the marriage of the person.
Is tax levied on a will?
Income tax is not applicable on money received by will or inheritance. This means that no income tax is levied on any movable or immovable property inherited due to the death of a relative.
No tax is levied on the inheritance if any person receives his share due to the death of a person who was a member of a Hindu Undivided Family.
gifts from friends
Gifts received from friends will be taxed while gifts received from relatives are not taxed. Tax is levied on gifts received from a non-person or any kind of money received as gifts. goes. This gift is also the expensive gift you get in your company.
gifts from abroad
If a person receives a gift of a value of more than 50000 in a year, then it is taxed. This rule also applies to gifts received from India.
Individuals should also evaluate the gifts they receive in evaluating their transactions. If gift tax is payable then the person must disclose it in his ITR. Failure to do so may result in further action being taken against the person.
The Income Tax Act was amended in 2004 to make gifts taxable. In today’s time, any type of gift whether it is in the form of cash or in the form of any material is taxable.
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How is the tax on gifts definitely know all the multiplication and maths
As per the provisions of the Income Tax Act, any gift received today is taxable. Till the financial year 2003-04, there was no tax of any kind ie income tax on gifts.
Story first published: Wednesday, November 9, 2022, 18:33 [IST]