Property received by a HUF from its members.
But do you know that certain gifts have tax implications.
File photo, mumbai: At present, under the Indian income-tax laws, there is no gift tax in India.For example, if you gift a sum of Rs 60 lakh to your wife and she uses this money to purchase a house and gets rent for the house, though the gift of Rs 60 lakh will ned show coupon code not be subject to tax either in your.So, if you are receiving more than.You dont need to worry about the taxation part, because its a gift from your relatives and you will not have to pay any tax on this amount.In 2004, a special provision was added into the Income Tax Law of India and Gift tax was reintroduced.However, income tax is payable on any sum of money, movable property or immovable property received by an individual without consideration (that is, without a quid pro quo except gifts received from a relative.If the conditions given in preceding FAQ are satisfied, then immovable property received by an individual or HUF without consideration (.e., by way of gift) will be charged to tax.Then you will have to pay the tax on the total amount estee lauder free gift may 2018 received (not additional). .The immovable property is a 'capital asset' within the meaning of section 2(14) for such as individual or HUF.On 1st October, 1998, Gift Tax was demolished gifts of any value were no longer taxable.This Rs 60,000 will be included in your income and you will have to pay tax on this Rs 60,000, as per your tax slab.Definition of Donor Donee, donor means a person who is making or giving the gift.Brother or sister of either of your parents.Can husband give gift to his wife?Important Note that, there is no income tax to be paid on the money received from relatives, however at times income clubbing provisions may apply, for example, if a husband gifts Rs 10,00,000 to wife, there is no ta to be paid by wife.The gift is exempt on the occasion of marriage and not on the day of marriage, hence gift received on tilak, tika and similar religious function prior to marriage day will also be exempt from tax.But its very important for you to understand the tax implications in various scenarios and the possible issues which can come up in the future, if income tax department decides to scrutinize your income tax returns for example.In this article lets see all the aspects about these kind of transactions, when money comes and goes out of your bank account and what are the rules for income tax on gifts received from relatives or other people in India.
50,000/-, then the difference between aggregate fair market value and consideration is chargeable to gift tax.
Another rule for income tax on gifts, is that any amount received from specified relatives is totally tax free in the hands of recipient.
So who is a relative and what is a gift for the purpose of claiming tax benefits?
When you transfer a property, you may have to get the transfer registered, which attracts stamp duty and registration charge.
Also, does she have to pay tax on any interest earned on this money?