Question

mr.nikhil received a gift of rs.52,000 from his friend. the taxable amount of gift is?​

Answer 1

Answer:

Tax Treatment: Rs. 1,84,000 received from his friend will be fully taxed, The aggregate amount of gift received by Mr. Raja during the year amounts to  of his marriage, the fair market value of jewellery is Rs. 2,52,000.

Step-by-step explanation:

Answer 2

Concept

If the aggregate value of gifts (whether in cash or in kind) received from a person or persons (except relatives as specified above) in any financial year does not exceed Rs. 50,000/-, then such gifts are not liable to Gift Tax. However, if the value of gifts received exceeds Rs. 50,000/-, then the entire gift so received is taxable as Income from other sources.

Given

We have been given an amount of gift of Rs.52000 .

Find

We are asked to determine the taxable amount of gift .

Solution

The first important rule that everyone should know is that  no tax is levied on gifts received (cash or in kind) as long as the value of the gift does not exceed 50,000 rupees per year. However, if the total amount exceeds 50,000 yen. Then you  have to pay  tax (not extra) on the total amount received. For example, if your friend gave her a gift of  Rs 30,000 in a particular year, you would not have to pay taxes on that amount as it is below the  Rs 50,000 limit.

Then later suppose he received Rs 20,000, but he does not have to pay  tax because the total amount of gifts he received in the year was Rs 50,000 (below the limit of Rs 50,000). But now if someone gives you another gift of 10,000 rupees. Since the total donation for one year is Rs 60,000, in addition he has to pay taxes on not only Rs 10,000 but a total  of Rs 60,000. This Rs 60,000 is included in  income and is taxed on this Rs 60,000 according to the tax schedule. Note that  the written law is just like that.

As of October 1, 2009, Section 56(2) was amended so that the scope of "gift" includes, in addition to monetary value, real estate or  other property within its scope.

Therefore , taxable amount of gift will be due to its Rs.52,000 .

#SPJ3