Question

05. What is the tax treatment of sum of money received as gift under section 56(2)? Also explain the provisions relating to taxation of winning from lotteries?

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Answer 1

1) Gift received from relative is exempt.

2) Gift received on the occasion other than marriage from non specified person shall be taxable under the head income from other sources.

3) Money received whether in cash or cheque in excess of Rs. 50,000/- from non specified persons shall be taxable.

Answer 2

1) Gift received from relative is exempt.

2) Gift received on the occasion other than marriage from non specified person shall be taxable under the head income from other sources.

3) Money received whether in cash or cheque in excess of Rs. 50,000/- from non specified persons shall be taxable.