Posted on: February 14, 2012 Author: Sudhir Kaushik
In a financial year, receiving gifts whose total worth amounts to more than Rs 50,000 from non-relatives is taxable. Gifts offered by the following relatives are tax exempt:
Gifts received on occasions such as marriage and religious ceremonies do not attract tax.
If a house is purchased at a price lower than the stamp duty value and the difference in prices exceeds Rs 50,000, the amount is then considered as a taxable gift.
Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):
Sudhir Kaushik has been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant and conducts seminars in large companies to help salaried employees with income tax and investment queries. Sudhir brings domain knowledge of income tax laws and their compliance difficulties faced by individuals. He is the author of Income Tax Handbook For Salaried Employees for smart financial planning and investments for salaried people. He enjoys an excellent reputation and has a strong network in the corporate sector and public sector undertakings.
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