If, on the other olde english tea room & gift shoppe wake forest nc hand, there is a consideration of Rs 1,00,000 for gift of jewellery, then the taxable value will be Rs 1,50,000.
By Sudhakar Sethuraman and ford show parts discount coupon code Vibha Bhaskar.
It may be interesting to note that some of the typical movable objects like cars and bikes are not considered as movable property.
Sum of money received without consideration by an individual or HUF is chargeable to tax if the aggregate value of such sum received during the year exceeds.Apart from marriage there is no other occasion in which gift received by an individual is not charged to tax.Gift of immovable property : In case of gifting of immovable property (i.e., land or building the recipient would be required to pay income tax if the stamp duty value of the property exceeds Rs 50,000 and such property is received without adequate consideration.Jewellery (Jewellery includes ornaments made of gold, silver, platinum or any other precious metal whether or not attach any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel.Precious or semi-precious stones also include in the term of jewelry, whether.However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.The important point to be noted in this regard is the "aggregate value of such sum received during the year".Any lineal ascendant or descendant of the individual.50,000, then aggregate value of such gifts received during the year will be charged to tax.
Spouse of the person referred to in clauses (ii) to (vi).
But if amount and value exceeds Rs 50000 than whole received amount and property value will be taxable.
The relatives term defines by the Income Tax act as follows :.For example if Gold Jewellery Rs 1050000 received for consideration 200000 than whole 850000 will be taxable in the hand of recipient.Gifting has always been seen as a way for people to express love and affection.(Sudhakar Sethuraman is Partner Deloitte India and Vibha Bhaskar is Manager with Deloitte Haskins and Sells LLP.) (Disclaimer: The opinions expressed in this column are that of the writer.Friend is not a relative as defined in the list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).Property received from relatives.
From local authority as defined in Explanation to section 10(20.