Income Tax Rules: Income Tax Department imposes tax on these gifts and are these gifts tax free? Check here immediately

Income Tax Rules on Gifts: Be it Diwali or Holi festival or any occasion at home like birthday, engagement, wedding, the process of giving and receiving gifts goes on. But do you know that the gifts you receive are also linked to some tax rules. Depending on who has given you the gift and the value of the gift, which gift will come under the purview of tax and which will remain out of the purview. Most people are not aware of the income tax rules applicable to gifts. Let us tell you.

These gifts are counted as taxable income

If any of your friends or acquaintances or someone with whom you are not related by blood gives you a gift, then his gifts come under the purview of tax. However, not every gift is taxable. If any of your friends or acquaintances gifts you more than Rs 50 thousand in cash, gifts you land or house, shares, jewellery, painting, statue etc., the value of which is more than Rs 50 thousand, then it should be counted as taxable income. goes. It is necessary to give this information in the income tax return. If tax liability arises after tax calculation, then you will have to pay that tax.

These gifts are not taxable

If your relatives and close relatives give you a gift then there is no tax on it. Husband-wife, brother-sister, brother or sister of husband/wife i.e. sister-in-law, sister-in-law, brother-in-law, brother-in-law of mother/father i.e. aunt, uncle, maternal uncle, grandparents, grandparents of husband/wife, son or The daughter and brother/sister's spouse are included in the list of close relatives. If they give you a gift, it does not come under the ambit of tax, even if its value is more than Rs 50 thousand.

Understand these rules thoroughly

• There is no tax on gifts exchanged between husband and wife, as the income received from gift transactions comes under the ambit of income clubbing.
• Property, shares, bonds, cars etc. are tax free if received from close relatives, but are taxed if received from friends or acquaintances.
• Gifts received on marriage are completely tax free, while gifts received from the employer are taxable.
• If gifts worth up to Rs 50 thousand are received from friends or acquaintances in a year, they are tax free, and if the value is more than Rs 50 thousand then tax is payable.
• There is no tax liability on property received from close relatives, but tax is payable on selling that property.
• There is no tax on property received through a will, but tax is payable on selling this property.