{"id":12444,"date":"2020-05-04T04:32:07","date_gmt":"2020-05-04T04:32:07","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=12444"},"modified":"2024-06-04T12:00:43","modified_gmt":"2024-06-04T06:30:43","slug":"taxation-of-gifts-implication-under-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/taxation-of-gifts-implication-under-income-tax-act-1961\/","title":{"rendered":"Taxation of Gifts &#8211; Implication under Income Tax Act, 1961"},"content":{"rendered":"<table style=\"text-align: left;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"text-align: left; font-size: 16px;\">\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Page content<\/h3>\n<ol>\n<li><a href=\"#cash\">Cash<\/a><\/li>\n<li><a href=\"#movable\">Movable property as Gift<\/a><\/li>\n<li><a style=\"font-family: inherit;\" href=\"#immovable\">Immovable Property as Gift<\/a><\/li>\n<li><a style=\"font-family: inherit;\" href=\"#other_gifts\">Other Exempt gifts<\/a><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-15300 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b.png\" alt=\"Taxation of Gifts - Implication under Income Tax Act, 1961\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Taxation-of-Gifts-Implication-under-Income-Tax-Act-1961b-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>In today&#8217;s scenario, the custom of sharing gift is in much trend. While exchanging such gifts, a question arises whether we have to pay the Tax on same. <a href=\"https:\/\/www.cagmc.com\/taxability-of-gifts-section-562-x-of-income-tax-act-1961\/\">Gifts are taxable as per Income tax act, 1961<\/a> under Section 56(2)(x) and are outside purview of GST, being not in nature of supply as per Section 7 of CGST Act, 2017.<\/p>\n<p>style=&#8221;font-size: 20px !important; color: #1e82b6;&#8221;&gt;Let&#8217;s discuss the provisions of taxability of gifts as per income tax:<\/p>\n<p><strong><a name=\"movable\"><\/a>1. Cash ( some of money received without consideration )<\/strong><\/p>\n<p>If aggregate value of cash is less than Rs.50000 than nothing will be taxable. If value of cash exceeds Rs. 50,000, then the whole amount will be taxable.<\/p>\n<p><strong><a name=\"immovable\"><\/a>2. Movable Property as Gift : <\/strong>Movable Property includes Jewelry, Securities, bullion, Archaeological collections, Drawings, paintings, Sculptures, or any art of work.<\/p>\n<ul>\n<li><strong>\u00a0Without consideration : <\/strong>Where any person receives in the previous year any type of above mentioned property without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate FMV of such property will be taxable in the hands of receiver.<\/li>\n<li><strong>For Inadequate Consideration : <\/strong>Where any person receives above mentioned moveable property in the previous year other than immovable property for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50,000 , the aggregate FMV of such property as exceeds such consideration.<br \/>\nThe excess of the differential amount will be taxable in the hands of receiver.<\/li>\n<\/ul>\n<p><strong><a name=\"immovable\"><\/a> 3. Immovable Property as Gift:<\/strong><\/p>\n<ul>\n<li><strong><a name=\"without\"><\/a>Without Consideration : <\/strong>If a person receives any immovable property in the previous year without consideration from any person, and if the Stamp duty value of property exceeds Rs. 50,000\/-, then the Stamp duty value shall be considered as income from other sources and the person will be liable to pay tax accordingly.<\/li>\n<li><strong>For Inadequate Consideration : <\/strong>If a person receives any<a href=\"http:\/\/www.legalservicesindia.com\/article\/502\/Definition-&amp;-concept-of-property.html#:~:text=%22Immovable%20Property%20includes%20land%2C%20building,%2C%20growing%20crops%20nor%20grass%22.\" target=\"_blank\" rel=\"noopener\"> immovable property<\/a> in the previous year from any person for a consideration, the stamp duty value of such property exceeds such consideration, if the excess amount is more than the higher of the following amounts:\n<ul>\n<li>an amount of Rs. 50,000; and<\/li>\n<li>an amount equal to 5% of the consideration<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>The excess of the differential amount will be taxable in the hands of receiver.<\/p>\n<p><strong>Let us understand the case with the help of an example<\/strong><\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Stamp duty value on property as on 01.01.2017 &#8211;\u00a0 Rs. 5 lakhs<\/p>\n<p>Stamp duty of property on actual registration on 01.09.2018, &#8211; Rs. 6 lakhs.<\/p>\n<p>Consideration fixed for the transaction &#8211; Rs. 4.80 lakhs.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a name=\"other_gifts\"><\/a><\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Case I<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Case II<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">a.\u00a0\u00a0\u00a0 Stamp duty Value &gt; Consideration paid (5 lac &gt; 4.8 lac) Excess Amount = Rs. 20,000<\/p>\n<p>b.\u00a0\u00a0\u00a0 Higher of<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Rs. 50,000<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5 % of Consideration (5% of Rs. 4.80 Lacs = Rs, 24,000)<\/p>\n<p>The difference amount is less than Rs. 50,000, hence it is not taxable<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">a.\u00a0\u00a0\u00a0 Stamp duty on registration &gt; Consideration paid (6 lac &gt; 4.8 lac) Excess Amount = Rs. 1,20,000<\/p>\n<p>b.\u00a0\u00a0\u00a0 Higher of<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Rs. 50,000<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5 % of Consideration (5% of Rs. 4.80 Lacs = Rs, 24,000)<\/p>\n<p>The difference amount is higher than Rs. 50,000, hence it will be taxable<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a name=\"other_gifts\"><\/a><\/p>\n<p><a name=\"other_gifts\"><\/a><strong><a name=\"other_gifts\"><\/a>4. Some Exempt gifts<\/strong><\/p>\n<p>If any gift is received from below mentioned people or in following situations then those gifts are fully exempt under Income Tax.<\/p>\n<p>Any amount or any property received:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>from any relative; or<\/li>\n<li>marriage of the individual; or<\/li>\n<li>under a will or by way of inheritance; or<\/li>\n<li>in contemplation of death of the payer or donor or<\/li>\n<li>from any local authority or<\/li>\n<li>from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or<\/li>\n<li>from or by any trust or institution registered under section 12A or section 12AA; or<\/li>\n<li>by any fund or trust or institution or any university or other educational institution or any hospital or other medical institution or<\/li>\n<li>by way of transaction not regarded as transfer under clause (i) or clause (iv) or clause (v) or clause (vi) or clause (via) or clause (viaa) or clause (vib) or clause (vic) or clause (vica) or clause (vicb) or clause (vid) or clause (vii) of section 47; or<\/li>\n<li>from an individual by a trust created or established solely for the benefit of relative of the individual.<\/li>\n<li>any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Some important definitions<\/h3>\n<p><strong>Relative: \u00a0<\/strong><\/p>\n<p><strong>(i) in case of an individual &#8211; \u00a0<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>spouse of the individual<\/li>\n<li>brother or sister of the individual<\/li>\n<li>brother or sister of the spouse of the individual<\/li>\n<li>brother or sister of either of the parents of the individual<\/li>\n<li>any lineal ascendant or descendant of the individual<\/li>\n<li>any lineal ascendant or descendant of the spouse of the individual<\/li>\n<li>spouse of the person referred to in items (B) to (F)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>(ii) in case of a Hindu undivided family, any member thereof<\/strong><\/p>\n<p>Below is a comprehensive list of Donors as per definition of relative under I.Tax Act (Hindi connotation has also been mentioned)<\/p>\n<table width=\"766\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>List of Male Donors\u00a0<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>List of Female Donors<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Father (Papa or Pitaji)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Mother (Maa or Mummy)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Brother (Bhai)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Sister (Bahin)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Son (Beta or Putra)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Daughter (Beti or Putri)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Grand Son (Pota or Potra)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Grand Daughter (Poti or Potri)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Husband (Pati)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Wife (Patni)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Sister\u2019s Husband (Jija)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Brother\u2019s Wife (Bhabhi)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Wife\u2019s Brother (Sala)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Wife\u2019s Sister (Sali)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Husband\u2019s Brother (Dewar)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Husband\u2019s Sister (Nanad)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Mother\u2019s Brother (Mama)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Mother\u2019s Sister (Mausi)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Mother\u2019s Sister Husband (Mausa)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Wife\u2019s brother\u2019s wife (Sala Heli)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Father\u2019s Brother (Chacha or Tau)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Father\u2019s Brother\u2019s Wife (Chachi or Tai)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Father\u2019s Sister\u2019s Husband(Fufa)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Father\u2019s Sister (Bua)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Grand Father (Dada, Pardada)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Grand Mother (Dadi, Pardadi)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Daughter\u2019s Husband (Jawai)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Son\u2019s Wife (Bahu or Putra Vadhu)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Spouse Father (Sasur)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Spouse Mother (Sas)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Spouse Grand Father (Dada Sasur)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Spouse Grand Mother (DadiSas)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Brother\u2019s Wife (Bhabhi)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Mother\u2019s Brother\u2019s Wife (Mami)<br \/>\nHusband\u2019s Brother\u2019s Wife (Devrani or Jithani)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Page content Cash Movable property as Gift Immovable Property as Gift Other Exempt gifts In today&#8217;s scenario, the custom of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15300,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taxation of gifts implication under income tax act 1961<\/title>\n<meta name=\"description\" content=\"Read about Taxation of gifts implication under income tax act 1961,Cash, Movable property as Gift, Immovable Property as Gift, Other Exempt gifts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cagmc.com\/blog\/taxation-of-gifts-implication-under-income-tax-act-1961\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taxation of gifts implication under income tax act 1961\" \/>\n<meta property=\"og:description\" content=\"Read about Taxation of gifts implication under income tax act 1961,Cash, Movable property as Gift, Immovable Property as Gift, Other Exempt gifts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cagmc.com\/blog\/taxation-of-gifts-implication-under-income-tax-act-1961\/\" \/>\n<meta property=\"og:site_name\" content=\"Goyal Mangal &amp; 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