Gift Tax :-, spouse of the Individual, brother or Sister of the Individual.
Gifts that are received by legacy or inheritance.
Also, the gifts can be exempt even if they arent received from these relatives, if they are received during your marriage.
Gifts received when you get married, or under a will or by way of inheritance are not taxable.Stamp duty of recommended value has to be paid for registration of Gift Deed.But do consider other factors such powerup rewards digital locker as succession issues before you transfer anything to your relative just for tax saving ( 4 ).Restrictions on moving gifts abroad, any individual cannot take his or her movable asset out of India, unless the donor: Is an Indian Citizen, who was originally a resident of India or the individual received the gift when he or she was not a resident.Any amount received under a will or by way of inheritance or in contemplation of death of the payer is fully exempted in the hands of the person receiving the gift.Definition of Donor Donee, donor means a person who is making or giving the gift.And therefore, at the time of giving the gift, no tax would be required to be paid by the person giving the gift.The meaning of Property has also been defined and Property means.10,000 is taxable in your hands.50,000/- received from one who doesnt have any blood relations with the donee, were taxable.Gifts to any charitable organizations.Gifts given by individuals who do not fall under the relatives definition of the Income Tax Law is chargeable to tax.50,000, then the entire amount would be added to your income.50,000/-, then such gifts are not liable to Gift Tax.Thus, in case any property is not listed above, tax on those properties received as gift would not be levied.If, immovable asset is gifted, it is important to ensure that the donor transfers the same in your name with a registration and a gift deed is obtained.As per the provisions of this Section, Gift Tax will not be levied under the following 7 circumstances:-.
If the aggregate value of gifts (whether in cash or in kind) received from a person or persons (except relatives as specified above) in any financial year does not exceed.