Gift Tax : what is Gift Tax in India as per Income Tax Act

Tue, 06 Aug 2019 06:53:05 +0000

Gift Tax : what is Gift Tax in India ?

Taxable Gift :

1. Any sum of money received (as gift) with consideration more then Rs. 50000/- in one year
2. Gift Tax on immovable property in India without Consideration
3. Immovable property a consideration which is less then the stamp value
4. Gift tax on movable property in India without consideration
5. Movable property for a consideration which is less then Fair Market Value

Following receipts without consideration are exempt
a) Gifts received from ant relative
b) Gifts received on occasion of marriage of an individual
c) Gifts received under a will or by way of inheritance
d) Gifts received in contemplation of death of payer
e) Gifts received from local authority as defined in explanation to section 10(20)
f) Gifts received from educational or medical institution or fund etc. referred to u/s 10(23C)
g) Gifts received by any fund/ trust/ institution/ university/ other educational institution /hospital/ other medical institution referred to in sub-clause (iv) or (v) or (vi) or (via) of clause (23C) of section 10
h) Gift received by way of transactions not regarded as transfer under section 47(i)/ (iv)/(v)/(vi)/ (via)/ (viaa)/(vib)/(vic)/(vicb)/(vid)/(vii)
i) Gifts received from an individual by a trust created or established solely for the benefit of relative of the individual.

Relatives: As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. Here the “relatives” term defines by the Income Tax act as follows :
• Spouse of the individual
• Brother or sister of the individual
• Brother or sister of the spouse of the individual
• Brother or sister of either of the parents of the individual
• Any lineal ascendant or descendant of the individual
• Any lineal ascendant or descendant of the spouse of the individual
• Spouse of the person referred to in clauses (ii) to (vi).
• In case of a Hindu undivided family, any member thereof;
2. Immovable property
• being land or building or both
• Shares and securities,
• Jewelry,
• Archaeological collection,
• Drawings,
• Paintings,
• Sculptures,
• any work of art or

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