Gift Is Exempt Under Which Section

Gift in contemplation of death of the donor.

Gift is exempt under which section. Also there will no tax liability on you. Gift from any local authority. Name withheld on request.

If the gift amount is received by you from friends etc then as per section 56 of the income tax act 1961 in case the gifts are in excess of rs. The gifts received by the newly wed couple from the immediate family or relatives are not taxable in india. Any income received on the gift amount will be taxable in the hands of your son.

In addition gifts from specific relatives like parents spouse and siblings are also exempt from tax. Gift received under a will or by way of inheritance. Any gift received from the employer of a sum exceeding rs5 000 is treated as taxable compensation in your hands as per section 17 2 viii of the income tax act.

Any sum of money or any property is received under a will or by way of inheritance it is totally exempt from gift tax. 50 000 during one financial year then you are called upon to make payment of income tax on such amount which is in excess of rs. Gifts up to rs 50 000 per annum are exempt from tax in india.

Therefore there will not be any tax liability on the gift of rs 30 lakh received by your son. Gift of immovable property. An exemption is available if the amount is received.

However he will not be liable to pay tax if the aggregate value of gifts is less than rs 50 000. The following list of gifts are fully exempted from tax whether the it is received as cash or any other form of the material doesn t affect the exemption. Gift received under a will or by way of inheritance.