Monday, June 2, 2014

Gift under Income Tax Act

Gifts under section 56(2)(vi), of the Indian Income Tax Act, 1961
( gifts received between, 01.04.2006 to 30.09.2009)
Where any sum of money, the aggregate value of which exceeds R.50,000/-, is received
without consideration by HUF /individual, the whole of aggregate value is taxable as
income from other sources.

Provided that this clause shall not apply to any sum of money received;
(a) from any relative’ or
(b) under a will or by way of inheritance’ or
(c) on the occasion of marriage of the individual’ or
(d) in contemplation of death of the payer’
For the purpose of this, ‘relative’ means : ‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the either of the parents of the individual,
(d) brother or sister of the spouse of the individual,
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (ii) to (vi).

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