Tax Payment On Monetary Gifts

Are Monetary Gifts Received By An Individual Or Hindu Undivided Family (huf) Liable To Tax?
Posted 1 year ago  | 
Family Law,Taxation & Duty
Family Law Taxation & Duty

1 Answer(s)

Deepika Gill
Advocate

If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax. Sum of money received without consideration. The aggregate value of such sum of money received during the year exceeds Rs. 50,000.