Tax payment on Monetary Gifts

Are Monetary Gifts Received By An Individual Or Hindu Undivided Family (huf) Liable To Tax?

Answer (1)

Team Legistify

  • Sector-1, Noida

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.

Answered on 28 Sep 2018


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