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Gift tax in India applies to individuals receiving gifts in cash, property, or specified assets. Understanding the taxation rules on gifts is essential to ensure compliance with the Income Tax Act, 1961. This blog will discuss about Income Tax on Gift provisions related to gift taxation and exemptions.
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Cash
Received without Consideration Aggregate Value > 50K – Taxable whole amount – Aggregate Value
Immovable Property
Without Consideration – Stamp Duty Value > 50K – Taxable (SDV) – Individual Property Wise
Inadequate Consideration – If (Consideration – SDV) > 10% of Consideration AND (Consideration – SDV) > 50K – Taxable (IC) – Individual Property Wise
Property Other Than Immovable Property
Without Consideration – Aggregate FMV > 50K – Taxable (FMV) – Aggregate Value
Inadequate Consideration – Aggregate FMV – Amount paid > 50K – Taxable (IC) – Aggregate Value
Jewelry includes:
Understanding the taxation rules on gifts helps in better financial planning and tax compliance. While gifts received from relatives and on specific occasions are exempt, other gifts exceeding ₹50,000 are taxable. It is crucial to maintain proper documentation to avoid any income tax implications.
E Accountax Manager helps individuals and businesses with tax compliance, including gift tax regulations. Our experts provide clear guidance and seamless filing assistance, ensuring you adhere to the latest tax laws while maximizing tax benefits. Contact us today at E Accountax Manager for hassle-free tax solutions!
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CA Jitendra Agarwal, a Chartered Accountant, is an experienced Income Tax Advisor with a proven track record in tax planning and compliance.
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