Provision for taxing gifts as income Section 56(2) of the Income-tax Act provides that one or more gifts received by a person aggregating to more than Rs. 50,000 in a financial year shall be taxed as income from other sources. One of the important exceptions provided, in regard to taxing gifts as income, is in respect of sums received by any individual from his/her relative out of natural love and affection.
For the purpose, the section has defined 'specified relatives' from whom any gifts received are treated as completely tax-exempt, irrespective of the value of the same. This raises an interesting poser. Is it possible to plan receiving gifts from a non-relative such as a close family friend which does not attract any liability for payment of tax? The answer is yes and this write-up shows the way.
この記事は Ahmedabad Mirror の December 23, 2024 版に掲載されています。
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この記事は Ahmedabad Mirror の December 23, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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