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Saturday, 5 December 2020

Gifts received at a wedding or any other special occasion are also considered income and have to be taxed

Speaking of work: Gifts received at a wedding or any other special occasion are also considered income and have to be taxed




Gifts worth more than Rs 50,000 are subject to tax
Under section 56 (2) (x) of the Income Tax Act 1961, the taxpayer has to pay tax on the gift received.



The wedding season has begun. At weddings, people give many kinds of gifts to the bride and groom. Then if you also get a gift at a wedding or any other occasion you need to be alert otherwise you can get a notice from the income tax department. Under the Income Tax Act, if you receive a gift worth more than Rs 50,000 in a year, you will have to pay tax on it. In such a situation, you have to take care of so many things while filing your income tax return


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Gifts worth more than
Rs 50,000 will have to be taxed Under the current rules, if you receive a gift worth more than Rs 50,000 in a year, you will have to pay tax on it. Several times a year, you get a gift on many occasions and the total value may be more than 50 thousand rupees. In this case, you should keep that in mind while filing your income tax return. You have to give information of gift more than 50 thousand rupees in income tax. If you hide this information from the income tax department, you may get in trouble later.

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How a tax on a gift feels

Under section 56 (2) (x) of the Income Tax Act 1961, taxpayers are liable to pay tax on gifts received. These items are included in the taxable gift - more than Rs 50,000 received in check or cash.
Any immovable property like land, building etc., whose stamp duty is more than Rs. 50,000.
Jewelery, stocks, paintings or other valuables over Rs. 50,000.
Any property above Rs. 50,000 except real estate.

Not
accepting cash gift in excess of Rs. 2 lakhs According to section 269ST, if a person receives cash in excess of Rs. 2 lakhs or more, penalty will be imposed on that person. That is, the penalty in this section will be imposed on the person receiving the amount in cash, not on the person paying the amount. So if you are taking Rs 2 lakh or more as a gift, take it only through banking channel: -A / C Payee check, or A / C Payee bank draft, or transfer to bank through electronic clearance system. If the payment is received by self-check, it will also be treated as a cash transaction and will be penalized.

Gifts from relatives are not taxable.
If you receive a gift from your family members with whom you have a blood relationship, you do not have to pay any tax on it. You can take or give a gift of any value from your family members. It is not taxable. The tax-free gift is-





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A gift from a spouse.
A gift from a brother or sister.
Gift received by a spouse's brother or sister.
Gift received by a parent's brother or sister.
Gift or property received an inheritance or will.
Gift received from a close ancestor or descendant of a spouse.
Gift received by any member in the case of Hindu Undivided Family.


Board, Cantonment Board.
A gift from any fund/foundation/university or another educational institute, hospital or other medical institution, trust or institution referred to in section 10 (23C).
Gift received by any charitable or religious trust registered under Section 12A or 12AA.

Gifts received by the employer are taxable.
If you receive a gift from the employer up to a value of up to Rs. 5,000 in a financial year, it will be tax free, but if the value of the gift exceeds Rs. Will fall.

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