Gift To Relatives Under Income Tax Act

Gift

Gift To Relatives Under Income Tax Act

Web gift received from a relative is not taxable in hands of the recipient under section 56 of income tax act. Web the excess differential amount will be taxable in the hands of receiver. This article will analyse gifts received from different person on different occasion and its tax implication. If the total amount of gift received exceeds 50000 rupees, then it will be included in income and become taxable.

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In case the gift is made to close relatives enlisted. This article will analyse gifts received from different person on different occasion and its tax implication. Normally, the word “relative” is believed as a cohesive. The gift will have to be supported by a gift deed.

Gift To Relatives Under Income Tax Act