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Though there is no tax on gifts, all gifts in excess of Rs 50,000 (other than those from relatives) and income generated through them get clubbed with the titanslockerroom com promo code recipient's taxable income.
So if a relative gives you gift in form of cash/cheque or in consideration, you will not have to pay any tax on the amount received.He can gift whatever he wants out of this post-tax income.Brother or sister of your spouse.For the year you will get Rs 2 lacs as interest on 20 lacs.Your spouse, your brother or sister, brother or sister of your spouse.There is a valuation aspect involved in gifting of immovable properties.Now lets take the tax implication for wife, who got the money in our example.Other Notes: This transfer between you and your father would come under gift tax act.If the property is gifted for a consideration, then the actual value of the property will be taken.Now your father invested this Rs 20 lacs in FD, he will get an interest of Rs 2 lacs.All investments are made through the trust and the income generated can only be used in accordance with the purpose of the trust.
Important Note that, there is no income tax to be paid on the money received from relatives, however at times income clubbing provisions may apply, for example, if a husband gifts Rs 10,00,000 to wife, there is no ta to be paid by wife.
Brother or sister of either of your parents.As adult children get older, some want to give back to their parents for all their parents have done for them throughout their lives.If, on the other hand, there is a consideration of Rs 1,00,000 for gift of jewellery, then the taxable value will be Rs 1,50,000.Practical common sense view would prevail in such cases.These gifts may be in any form cash, jewellery, movable and immovable property.Writing a plain typed note on a paper will generally suffice.The above principles for taxing will apply even for gift of movable property, except for the condition of 5 percent of consideration.We build the portfolio as per your financial goals and your risk appetite.In India Gift tax was introduced in 1958, later amended in 1987 but was finally discarded in 1998.But Income earned from the income earned is not clubbed One interesting point to note is that any further income generated from the income is not clubbed further and that will be 100 income of the person who got the gift.
Lets take an example where husband earns Rs 10 lacs per annum, gifts.
The facts and opinions expressed here do not reflect the views.).