Gifts received by individuals or HUFs can be subject to tax under certain conditions. This comprehensive guide explores the tax implications of monetary and movable gifts, exemptions, and the situations where gifts are not charged to tax. 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. It also delves into the treatment of immovable property and prescribed movable property gifts.
Q.1 Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?
Ans. If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*):
- Sum of money received without consideration.
- The aggregate value of such sum of money received during the year exceeds Rs. 50,000.
(*) Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax, i.e., monetary gift is not charged to tax.
Q.2 Are there any cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax?
Ans. If any sum of money is received on or after 01/10/2009 by an Individual or HUF without any consideration and the aggregate value of which exceeds Rs. 50,000 during the previous year, then the whole of the aggregate value of such sum is chargeable to tax.
However, in the following cases nothing will be charged to tax in respect of any sum of money received by an Individual or HUF without any consideration if the same is received:
- from any relative or by a HUF from its members; or
- on the occasion of the marriage of the individual; or
- under a will/ by way of inheritance; or
- in contemplation of death of the payer or donor as the case may be; or
- from a local authority as defined under Explanation to clause (20) of section 10 of the Income-tax Act, 1961; or
- from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23); [w.e.f. AY 2023-24, this exemption is not available if a sum of money is received by a specified person referred to in section 13(3)]. or
- by any fund, trust, institution, any university, other educational institution, any hospital, other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or(applicable if the money is received on or after 1st day of April, 2017)
- from or by a trust or institution registered under section 12A, section 12AAor section 12AB [w.e.f. AY 2023-24, this exemption is not available if a sum of money is received by a specified person referred to in section 13(3)]. or; or
- by way of transaction not regarded as transfer under section 47(i)/(iv)/(v)/(vi)/(via)/ (viaa)/(vib)/ (vic)/ (vica)/ (vicb)/ (vid)/ (vii)
- from an Individual by a trust created or established solely for the benefit of relative of the Individual.(applicable if the money is received on or after 1st day of April, 2017)
- from such class of person’s and subject to such conditions as may be prescribed.
- From any person, in respect of any expenditure actually incurred by individual on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 (subject to such conditions as prescribed by Govt.).
- By a member of the family of a deceased person, if cause of death is illness related to COVID-19,:
– From the employer of the deceased person; or
– From any other person or persons to the extent that such sum doesn’t exceed Rs. 10 lakh.
Note: The member must receive the payment within 12 months from the date of death of such person and satisfy the following conditions:
(a) the death of the individual should be within 6 months from the date of testing positive or from the date of being clinically determined as a COVID-19 case;
(b) the family member of such individual shall keep a record of the COVID-19 positive report or medical report if clinically determined to be COVID-19 positive through investigation in a hospital or in an in-patient-facility by a treating physician of a person so admitted;
(c) the family member of such individual shall keep a record of a medical report or death certificate issued by a medical practitioner or a Government civil registration office, in which it is stated that the death of the person is related to COVID-19.
(d) the family member furnished a Statement in Form A providing the details of amount received during the year. The statement shall be filed within 9 months from the end of financial year in which the amount is received or 31.12.2022, whichever is later.
Q.3 Gifts received from relatives are exempt from tax. Who will be considered as relative for the purpose of claiming such exemption?
Ans. Gifts received from relatives are exempt from tax. by virtue of Section 56. Following persons would be considered as relative
(a) Spouse of the individual;
(b) Brother or sister of the individual;
(c) Brother or sister of the spouse of the individual;
(d) Brother or sister of either of the parents of the individual;
(e) Any lineal ascendant or descendent of the individual;
(f) Any lineal ascendant or descendent of the spouse of the individual;
(g) Spouse of the persons referred to in (b) to (f).
Q.4 Who will be considered as a Family to receive any sum for treatment or on account of death of person due to any illness related to COVID-19?
Ans. In this case, the definition of ‘Family’ shall have the same meaning which has been defined under Explanation 1 to clause (5) of section 10. As per said explanation, family”, in relation to an individual, means:
1. the spouse and children of the individual; and
2. the parents, brothers, and sisters of the individual or any of them, wholly or mainly dependent on the individual.
Q.5 Apart from marriage are there any other occasions in which monetary gift received by an individual will not be charged to tax?
Ans. Gift received only on the occasion of marriage of the individual is not charged to tax. Apart from marriage there is no other occasion in which gift received by an individual is not charged to tax. Hence, gift received on occasions like birthday, anniversary, etc. will be charged to tax.
Q.6 Are monetary gifts received from friends liable to tax?
Ans. Gifts received from relatives (as defined in the previous FAQ) are not charged to tax.
Friend is not a relative as defined in the list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).
Q.7 Are monetary gifts received from abroad liable to tax?
Ans. If the aggregate value of monetary gift received during the year by an individual or HUF exceeds Rs. 50,000 and the gifts are not covered under the exceptions prescribed in the preceding FAQ, then gifts whether received from India or abroad will be charged to tax.
Q.8 An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?
Ans. Sum of money received without consideration by an individual or HUF is chargeable to tax if the aggregate value of such sum received during the year exceeds Rs. 50,000.
The important point to be noted in this regard is the “aggregate value of such sum received during the year”. The taxability of the gift is determined on the basis of the aggregate value of gift received during the year and not on the basis of individual gift. Hence, if the aggregate value of gifts received during the year exceeds Rs. 50,000, then aggregate value of such gifts received during the year will be charged to tax.
Q.9 If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?
Ans. Sum of money received without consideration by an individual or HUF is charged to tax if the aggregate value of such sum received during the year exceeds Rs. 50,000. Once the aggregate value of monetary gift received during the year exceeds Rs. 50,000, then the aggregate value of gift received during the year will be charged to tax.
Q.10 Are there any cases in which the value of immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax?
Ans. Stamp duty of immovable property is chargeable to tax, if immovable property is received by an Individual or HUF without any consideration and the stamp duty value exceeds Rs. 50000.
However, in the following cases nothing will be charged to tax in respect of immovable property received on or after 01/10/2009 without any consideration, even if the stamp duty value exceeds Rs. 50,000:
- from any relative or by a HUF from its members; or
- on the occasion of the marriage of the individual; or
- under a will/ by way of inheritance; or
- in contemplation of death of the payer or donor as the case may be; or
- from a local authority as defined under Explanation to clause (20) of section 10of the Income-tax Act, 1961; or
- from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C); [w.e.f. AY 2023-24, this exemption is not available if property is received by a specified person referred to in section 13(3)].; or
- by any fund, trust, institution, any university, other educational institution, any hospital, other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or (applicable if the property is received on or after 1stday of April, 2017)
- from or by a trust or institution registered under section 12A, section 12AA or section 12AB [w.e.f. AY 2023-24, this exemption is not available if property is received by a specified person referred to in section 13(3)].; or
- by way of transaction not regarded as transfer: (applicable if the property is received on or after 1stday of April, 2017)
- property received by way of distribution at the time of total or partial partition of HUF [ 47(i)]
- property received by an Indian subsidiary company, if the parent company or its nominees hold the whole of the share capital of the subsidiary company [ 47(iv)] (Inserted by Finance Act, 2018 i.e. w.e.f 01.04.2018)
- property received by an Indian holding company, if the whole of the share capital of the subsidiary company is held by the holding company [ 47(v)] (Inserted by Finance Act, 2018 i.e. w.e.f 01.04.2018)
- property received by amalgamated company from amalgamating company in the scheme of amalgamation, if amalgamated company is an Indian company. [ 47(vi)]
- property received by resulting company from demerged company in the scheme of demerger, if resulting company is an Indian company. [ 47(vib)]
- property received by a banking institution from banking company in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949) [ 47(viaa)]
- property received by successor co-operative bank from predecessor co-operative bank in a business reorganisation. [ 47(vica)]
- from an Individual by a trust created or established solely for the benefit of relative of the Individual. (applicable if the property is received on or after 1stday of April, 2017)
- from such class of persons and subject to such conditions, as may be prescribed.
- From any person, in respect of any expenditure actually incurred by individual on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 (subject to such conditions as prescribed by Govt.).
- By a member of the family of a deceased person, if cause of death is illness related to COVID-19,:
– From the employer of the deceased person; or
– From any other person or persons to the extent that such sum doesn’t exceed Rs. 10 lakh.§
Note: The member must receive the payment within 12 months from the date of death of such person and satisfy the following conditions:
(a) the death of the individual should be within 6 months from the date of testing positive or from the date of being clinically determined as a COVID-19 case;
(b) the family member of such individual shall keep a record of the COVID-19 positive report or medical report if clinically determined to be COVID-19 positive through investigation in a hospital or in an in-patient-facility by a treating physician of a person so admitted;
(c) the family member of such individual shall keep a record of a medical report or death certificate issued by a medical practitioner or a Government civil registration office, in which it is stated that the death of the person is related to COVID-19.
(d) the family member furnished a Statement in Form A providing the details of amount received during the year. The statement shall be filed within 9 months from the end of financial year in which the amount is received or 31.12.2022, whichever is later.
Q.11 An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case?
Ans. In case of immovable property received without consideration by an individual or HUF, the limit of Rs. 50,000 is to be applied transaction-wise and all immovable properties received as gift during the year are not to be clubbed for applying the limit of Rs. 50,000. Hence, if the total stamp value of immovable properties received as gift during the year exceeds Rs. 50,000 but the stamp value of none of the property exceeds Rs. 50,000, then nothing will be charged to tax.
Q.12 Are immovable properties received as gift from friends liable to tax?
Ans. Gifts received from relatives are not charged to tax. Relative for this purpose means:
(a) Spouse of the individual;
(b) Brother or sister of the individual;
(c) Brother or sister of the spouse of the individual;
(d) Brother or sister of either of the parents of the individual;
(e) Any lineal ascendant or descendent of the individual;
(f) Any lineal ascendant or descendent of the spouse of the individual;
(g) Spouse of the persons referred to in (b) to (f).
Friend is not a relative as defined in the above list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).
Q.13 An Individual received gift of a flat from his friend. The stamp duty value of the flat is Rs. 84,000. In this case whether the total value of gifted property will be charged to tax or only the value in excess of Rs. 50,000 will be charged to tax?
Ans. If the conditions discussed in earlier FAQ (regarding the taxability of gift of immovable property) are satisfied, then the entire value of immovable property received without consideration, i.e., received as gift will be charged to tax. Once the taxability is attracted, i.e., value of property received as gift exceeds Rs. 50,000 then the entire value of the property is chargeable to tax. Hence, in this case entire value of property, i.e., Rs. 84,000 will be charged to tax.
Q.14 Would any taxability arise if an immovable property is received for less than its stamp duty value?
If an Individual or HUF receives (on or after 1st day of October, 2009 but before April 1, 2017) and any person receives (After April 1, 2017), in any previous year from any person or persons any immovable property(being land or building or both):
- without consideration, the stamp duty value of which exceeds Rs. 50,000 then the stamp duty value shall be chargeable to tax.
- for a consideration, if stamp duty value exceeds the amount of consideration and the difference between stamp duty value and consideration is more than Rs. 50,000, then such difference is chargeable to tax. (applicable from A.Y 2014-15 to A.Y 2018-19).
- for a consideration, if stamp duty value exceeds 110%* of the amount of consideration and the difference between stamp duty value and consideration is more than Rs. 50,000, then such difference is chargeable to tax.
Provided that where the date of an agreement and date of registration are not same, Stamp Duty will be considered as applicable on the date of agreement. This will be applicable only when the amount of consideration is received by account-payee cheque or bank draft or online transfer or through such other electronic mode as my be precribed before the date of agreement.
Provided that if the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall apply in relation to stamp duty value of such property as they apply for valuation of a capital asset under those sections.
* To boost the demand in the real-estate sector and to enable the real-estate developers to sell their unsold inventory at a lower rate, the safe harbour limit is increased from existing 10% to 20% in case of transfer of residential property during the period from 12-11-2020 to 30-06-2021 by way of the first-time allotment to any person. Further, the consideration received or accruing as a result of such transfer should not exceed Rs. 2 crores
Q.15 Are there any cases in which immovable property received by an individual or HUF for less than its stamp duty value is not charged to tax?
Ans. In the following cases nothing will be charged to tax in respect of immovable property received either for less than or more than its stamp duty value:
- from any relative or by a HUF from its members; or
- on the occasion of the marriage of the individual; or
- under a will/ by way of inheritance; or
- in contemplation of death of the payer or donor as the case may be; or
- from a local authority as defined under Explanation to clause (20) of section 10of the Income-tax Act, 1961; or
- from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C); or
- by any fund, trust, institution, any university, other educational institution, any hospital, other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or (applicable if the property is received on or after 1stday of April, 2017)
- from a trust or institution registered under section 12AA ; or
- from a trust or institution registered under section 12A(applicable if the property is received on or after 1st day of April, 2017); orby way of transaction not regarded as transfer: (applicable if the property is received on or after 1st day of April, 2017)
1. property received by way of distribution at the time of total or partial partition of HUF [sec. 47(i)]
2. property received by an Indian subsidiary company, if the parent company or its nominees hold the whole of the share capital of the subsidiary company [sec. 47(iv)] (Inserted by Finance Act, 2018 i.e. w.e.f 01.04.2018)
3. property received by an Indian holding company, if the whole of the share capital of the subsidiary company is held by the holding company [sec. 47(v)](Inserted by Finance Act, 2018 i.e. w.e.f 01.04.2018)
4. property received by amalgamated company from amalgamating company in the scheme of amalgamation, if amalgamated company is an Indian company. [sec. 47(vi)]
5. property received by resulting company from demerged company in the scheme of demerger, if resulting company is an Indian company. [sec. 47(vib)]
6. property received by a banking institution from banking companyin a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949) [sec. 47(viaa)]
7. property received by successor co-operative bank from predecessor co-operative bank in a business reorganisation. [sec. 47(vica)]
- from an Individual by a trust created or established solely for the benefit of relative of the Individual. (applicable if the property is received on or after 1stday of April, 2017)
Q.16 Are gifts of movable property received by an individual or HUF charged to tax?
Ans. If the following conditions are satisfied then value prescribed for movable property (*) received by an individual or HUF will be charged to tax:
- Prescribed movable property is received without consideration (e.,received as gift).
- The aggregate fair market value of such property received by the taxpayer during the year exceeds Rs. 50,000In above case, the fair market value of the prescribed movable property will be treated as income of the receiver.
(*) Prescribed movable property means shares/securities, jewellery, archaeological collections, drawings, paintings, sculptures or any work of art and bullion, being capital asset of the taxpayer and includes Virtual Digital Asset (VDA).
Considering the above definition, nothing will be charged to tax in respect of gift of any item being a movable property other than covered in the above definition, e.g., Nothing will be charged to tax in respect of a television set received as gift, because a television set is not covered in the definition of prescribed movable property.
($) Refer next FAQ for situations in which prescribed movable property received without consideration by an individual or HUF, i.e., received as gift is not charged to tax.
Q.17 An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case?
Ans. If the aggregate fair market value of prescribed movable property received by an individual or HUF without consideration during the year exceeds Rs. 50,000, then the total value of such properties received during the year without consideration will be charged to tax. In this case the total value of jewellery received during the year exceeds Rs. 50,000 and hence, Rs. 84,000 will be charged to tax.
Q. 18 Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?
Ans. If the following conditions are satisfied then prescribed movable property (*) received by an individual or HUF will be charged to tax ($):
- Prescribed movable property is acquired by an individual or HUF.
- The aggregate fair market value of such properties acquired by the taxpayer during the year exceeds the consideration of these properties by more than Rs. 50,000. In other words, the aggregate fair market value of all such properties is higher than the consideration and the difference is more than Rs. 50,000.
(*) Prescribed movable property means shares/securities, jewellery, archaeological collections, drawings, paintings, sculptures or any work of art and bullion, being capital asset of the taxpayer.
Considering the above definition, nothing will be charged to tax if any movable property (other than those covered in the above definition) is received for less than its fair market value e.g., Nothing will be charged to tax in respect of a television set received for less than its fair market value because a television set is not covered in the definition of prescribed movable property.
($) Refer next FAQ for situations in which prescribed movable property received for less than its fair market value is not charged to tax.
Q.19 Are there any cases in which prescribed movable property received for less than its fair market value by an individual or HUF is not charged to tax?
If the conditions given in preceding FAQ are satisfied, then prescribed movable property received (i.e. acquired) by an individual or HUF for less than its fair market value is chargeable to tax. However, in the following cases nothing will be charged to tax in respect of prescribed movable property received for less than its fair market value:
- Property received from relatives (*).
- Property received by a HUF from its members.
- Property received on the occasion of the marriage of the individual.
- Property received under will/ by way of inheritance.
- Property received in contemplation of death of the donor.
- Property received from a local authority as defined under section 10(20)of the Income-tax Act.
- Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C)[w.e.f. AY 2023-24, this exemption is not available if property is received by a specified person referred to in section 13(3)].;.
- section 13(3)Property received from a trust or institution registered under section 12AA/ section 12AB or section 12A [w.e.f. AY 2023-24, this exemption is not available if property is received by a specified person referred to in section 13(3)].;.
- section 13(3)by way of transaction not regarded as transfer under section 47(i)/(iv)/(v)/(vi)/(via)/ (viaa)/(vib)/ (vic)/ (vica)/ (vicb)/ (vid)/ (vii).
- from an individual by a trust created or established solely for the benefit of relative of the individual.
- From such persons and subject to such conditions as may be prescribed.
(*) Relative for this purpose means:
(a) Spouse of the individual;
(b) Brother or sister of the individual;
(c) Brother or sister of the spouse of the individual;
(d) Brother or sister of either of the parents of the individual;
(e) Any lineal ascendant or descendent of the individual;
(f) Any lineal ascendant or descendent of the spouse of the individual;
(g) Spouse of the persons referred to in (b) to (f).
[As amended by Finance Act, 2023]
My wife received 7.5 lakhs from her father as her share in property sold by her father and divided the amount between his 3 daughter and 1 son. Is the amount taxable.
QUERY ON GIFT OF SHARES IN PHYSICAL FORM TO SPECIFIED RELATIVES
CASE SITUATION 1
Sir I B.R.Patel femal have received gift of 100(one Hundred) colgate palmolive share. (at that time rs.450/- per share ) from my grnad father in phisical from by paying stamp duty on transfer of shares 0n 19th march 1993.deed of transfer under Gift letter .
But it is registered in my name in April1993. two bonus received so that 400 share now.
Now i have to sale the same 100 original plus 300 bonus share offline because it is not in demate form.and not possible to do demate .
what will be tax effect to me in 2018.
Again if buyers from mefor said shares convert the said share in Demate and then sales the said share after 1 years in demate form what will be tax implication to the buyer.
CASE SITUATION 2
IN ABOVE CASE IF I Gift to my sister entire 100 original plus 300 bonus share offline to my sisterin june 2018 in Physical form what will be tax effect to me in 2018 .
if my sister convert the same in demate and then sale entire 400 shares by stock exchange by paying STT in sept 2018 what will bve tax imlication to by sister .
Thanks sir
B.R.Patel
phone no 9426802887
meghraj market ,2nd floor, Gandhi chowk
junagadh-362001
tilaranj@yahoo.com
I want to gift my biological brother some money who has been adopted by my grand fathers brother. Will it be taxable at his hand.
22 decimals property bought in 1991 for a total price of 1.32 lakhs-
The total cost of the property as per circle rate is 1 crore.
Property is in the name of my mother who wants to gift it in 2018 to Kaushal Kumar (HUF) which comprises of me, my wife and my daughter as co-parceners.
I want to sell the property received as gift immediately (i.e. in 2018 itself) after the property is transferred in the name of Kaushal Kumar (HUF).
What would be the tax liability.
Hello sir,
My father (87) wants to gift his flat to me & my brother ( both unmarried) .
(1) what’s the process of gifting a house in coop society?
What’s r tax implication?
Is it better to be nominnee than to get gift?
(2l does the will needs to be registered?
Pl guide
Regards
Sir I want to know about the if I being an huf family and purchasing goods which are not related to my business activities and those goods are given my huf to the member of huf.. So while purchasing these goods if I have pay GST means huf pays GST can huf take the benefit of GST
Sir,
I had gifted my father a cheque for Rs.25.00 lakh. He started an FD with the amount, making me as 2nd joint holder with my signature. But, the interest goes to his personal SB account monthly. Will it attract any tax liability to me. ?.
Im filing my 2014-15,2015-16 IT returns now.My father in law gifted me 450000 cash on occasion of my marriage in august 2014 by taking loan from LIC.He had all the records regarding this loan.But I do not have any documentary evidence on receiving those amount as it is gifted in cash mode.I kept that amount for one year in home.After one year(in August 2015)I put that amount in bank FD.
With out having documentary evidence,is it possible to claim as gifted income in 2014-15 IT returns?
If it is not possible,may i show this amount in 2015-16 IT returns as gifted income as i have bank FD records?
please clarify.
An HUF can take the Cash Gift from his members or not.
Hi,
In case if we donate / gift an immovable property to a charitable / religious trust whether it will exempt or deduction is available. If not, what will be the tax consequences ?
Gift received by Celebrity
Excellent article.
I have a doubt. There is no limit on the sum of money received but is there a limit on the number of people we receive gifts from? For eg, if 1000 people gift Rs. 1000 each to the new couple, then will the entire sum of Rs. 10 lacs be exempt?
.
Also, the income tax amendment of 2006 (available here: cbec.gov.in/resources//htdocs-cbec/income.pdf) states – “on or after the first day of september 2004 but before the first day of april 2006”. So is this “exemption for gifts received by non-relatives for any amount” valid now?
please advice whether a member of HUF, can gift money to HUF. whether it attract Sec. 56. If member wish to give interest free Loan to HUF, what they can do …
Is there any tax implication if Rs 500000 is gifted by father to daughter?
Can an HUF gift immovable/movable property valued at more than 50,000/- to any of its members/coparcners?
Anil Jain
9324091914
Tenancy Rights are considered to be ‘Capital Asset’. If a tenant surrenders the ‘right’ without taking any compensation, or a ‘Landlord’ gives or accepts the ‘tenancy rights’ without adequate consideration; whether it would amount to ‘gift’ to ‘landlord’ or ‘tenant’?
NO
Does sec 64 (Clubing of Income) is applicable if a member give a gift to its HUF and Vise a Versa. Does any other person (Relative of the karta) can also make a gift to HUF and what is the tax applicability.
does sec 64 (Clubing of Income) is applicable if a member give a gift to its HUF
huf received 500000/- as gift from his father in law so i want to know how do its entry in account
individual can gift (cash) to his own individual HUF file? and can he/she can gift (cash) to his parents or brither/sister HUF file? and is their any limit in financial year.
Sir, Along with my elder brother and elder sister, I own a house. All three of us are co-owner of this property. Now I want to relinquish my portion to my sister who will pay me 50 lakh, in installments of 5 lakhs per year for 10 years. Do I need to pay tax for this amount of 5 lakhs every year? Can I show this amount as a gift from my sister? Please advise. Thanks
Can my son make a gift to my HUF. Will it be under tax liability. OR Can my son make a gift to my brothers HUF. Will it be under tax liability.
I am an individual…..if i receive 1 lac rs in cash from the brother of my wife’s father…will this amount be taxable or not? please help me with this issue….thanks in advance!!
Will a gift made to the HUF by a member of the said HUF, will section 64(2) (clubbing of Income) will be applicable
my friend wife is recd a flat from his father in the year 1968 by gift and the stamp duty is paid below 50,000 and that flat is sale in the month of 08/2014 what is the tax implication and long term capital gains, would u suggest how to file the return
Sir,
Father can gift more than 50000/- from saving bank account to son’s HUF for Birthday and anniversary of any members of HUF ? If yes than what is tax liabilities ? Thanks…
Sir,
My client received gifts on the occasion of Reception held after two weeks of marriage amounting to Rs. 5.00 (Apprx) from family friends. Will this amount will be exempted as gift received on the ‘occasion of Marriage’
I am not impressed with this forum. Despite several queries, there is no designated professional to guide us, unlike CAClub India where there arae many dedicated members to guide
Can anyone guide me regarding the taxability of any gift made by a HUF to its members?
Whether such transfer attracts sec 56(2) or any other sec under the heads Income from Other Sources or Capital Gains or under any other tax law.
Hi,
Would you please help to understand that If I gift money (or Gold/ELSS etc) to my spouse then will I be eligible for any exemption?
Thanks
Narendra
according to it law what is the purchase value of landed assets. whether it is actual value paid by the purchaser or value assessed by the registrar for registration fees
sir,
my bachelor uncle is thinking of gifting a flat to me or my wife. What will be implication of gift tax for me and my wife?
whether a gift received by my grand children from my brother is exempt from gift tax if the amount is more than 50,000/-
Read. Thanks.
If I transfer 3lac to my mother does she require to file tax. What is the tax impact on my salary can this be deducted from my taxable income ?
Thanks
…What is the meaning of Lineal Ascendant or Descendent in the following purpose ?
Relative for this purpose means:
(e) Any lineal ascendant or descendent of the individual;
(f) Any lineal ascendant or descendent of the spouse of the individual;
SECTION 10(2A) CLEARLY SAYS THAT ANY INCOME FALLING WITHIN THAT S/S SHALL NOT BE INCLUDED IN COMPUTING THE TOTAL INCOME ie. SUBJECT TO THE PROVISIONS OF SUB-SECTION(2) OF SECTION 64, ANY SUM RECEIVED BY AN INDIVIDUAL AS A MEMBER OF HINDU UNDIVIDED FAMILY, WHERE SUCH SUM HAS BEEN PAID OUT OF THE INCOME OF THE FAMILY, OR, IN THE CASE OF ANY IMPARTIBLE ESTATE, WHERE SUCH SUM HAS BEEN PAID OUT OF THE INCOME OF THE ESTATE BELONGING TO THE FAMILY.
Therefore amount received from HUF as gift or other sum does not constitute to be a gift and hence it is not specifically stated in the category of exempt list. I hope my view may not be differed by others.
Sir,
MY son who is an NRI is transferring Rs. 15000/= through a bank every month as a help to me. (I am 70) Will this be a taxable income to me?please advise.
Dear all,
I have a question in my mind. I just want to know that only single friend can give us 50k(as a gift) or more friends in a single year.
Your view point on HUF is not correct. HUF has no relations . IF any karta / coparcener / member of HUF gifts to HUF in that case also if total amount recd from all members exceeds 50000 then also the amount becomes taxable… Pl clarify
If gift received in cash deposited in my account from my parents for helping me in buying a flat. is there any tax implication in this case?
Look forward for your reply…
Dear Sir,
Is the gift given by husband to wife and vice versa tax-free?
dear sir,thxs.many f a q”s are answered and updated about gifts.but gifts in relation to h u f have been controversial issue in court of law because it has been upheld that h u f has no relatives like individuals.in our opinion this issue could be solved depending upon each fact of the case.
Dear Sir,
While forming a new HUF, if cash more than 50000/- plus jewellery of Rs. 1000000/- is given by father of Karta of NEW HUF, then what will be taxability of amount received.
husband who has given divorce to first wife and got again married. Their son (i.e. of with second wife) has taken a gift from the first wife of his dad. would it be exempted as gift from relative or would be taxable? Reply urgently
Can sister son (Bhanja)give gift to his Maternal uncle (Mama) an amount above 50k
Dear Sir,
I am 56 years old.I am an income tax payee since 1992. I
have transferred Rs.5 lakhs from my salary a/c to my son’s bank a/c who is now 18 yrs old and is 1st yr engg student. I would like to transfer more money to his a/c for the safer side of his education. Is it necessary to file IT returns by him?. Is it necessary to
keep any gift deed with him?
Your response on the above matter will be highly appreciated.
yes this is tax free .
Is gift received from my husbands mother tax free under gift from relative category. Pl advise.
thanks