Income Tax On Gifts? | Know 2 Rules | Rahul Jain

How much is income tax on gifts?
If you receive money as a gift from someone, is it taxable, let's understand 2 simple rules in the next 30 seconds.
If you receive money as a gift from 10 specific relatives, its totally tax free. Those 10 relations are -
husband/wife
/mother/father/
son/daughter/
brother/sister
/brother in law/sister in law, than there is no tax irrespective of the amount.
Pls note this does not include your mother in law or father in law.
From all other relatives or your friends up to 50,000 rs received as gift is income tax free but if it’s more than 50,000 you will have to pay income tax on the entire amount. So if you receive 60,000 from a relative you will have to pay income tax on entire 60,000
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[@logicalmisery3737]

Guess I'm safe, no one in my family has ever seen a rupee.

[@SaiSS961]

😂😂

[@user-yb5xw1ef2g]

Father in law will give to daughter then it will go to husband😅

[@SouKube]

Is the limit annual or one time

[@vigneshnagaraj7137]

How do you differentiate from gift and non gift

[@RiftRaid]

Sir big scholarship ammount are taxable?

[@mageshrao1420]

So if I receive from a friend Rs50k per month for 12 months is that also taxable

[@santoshjohn2696]

i THINK YOU ARE WRONG. eVEN GIFT RECEIVED FROM UNCLES AND AUNTIES IS TAX FREE

[@Sudheer_Bonthu]

Sir, what if relatives gave a fixed deposit.

[@rathanrao9493]

Mother and father in law is exempt bro

[@rajeshjadala4926]

If father gave money more than 7lakhs through cheque form and credited in son bank account then under which section of income tax act it's tax free?

[@brawnyvenky9584]

please mention what is the limit of amount we receive from parents as gift?

[@pushkarerande123]

No limit

[@RajatPatil-eh8cc]

I believe 10 lakh per annum is the limit. I can be wrong though

[@mmaniVel]

No limit for gift from relatives . Even u can get 10 c but it should be received thru bank /ecs mode (I mean not by cash , the limit for cash gift from relatives is 2 lacs)

[@Bradcopo]

Is it taxable if I get money from my brother to my salary account ?.

[@pavneetv]

Wedding expenses or gifts ?

[@prabhus3737]

Inheritance tax going to introduce soon in India

[@VK_2002]

Hi, One dbt here, from relative >50k that is for an year or what?

[@nikhil99a]

Yes, financial year

[@holypunk12]

In laws all should be taxable !!

[@litwania]

But why did the government have such a law

[@sanjoonri70]

father in law gift tax free..don't spread rubbish

[@itsAnanth]

What about friends

[@Noproblem45]

It adha adhura information,there are many aspects regarding to this section of tax in gift 562X

[@RohitRoy-xo6zb]

Grandparents?

[@SrinuIpathy]

Hey, Is it same for the wedding gifts also?

[@nikhil99a]

No tax on wedding gifts

[@anandrbhandage983]

No tax on wedding gifts for any amount from anybody irrespective of whether it's on wedding expenses or otherwise.

[@mangaiyarthilagamvinodh15]

gift from grandpa and grandma to grand son is taxable

[@anandrbhandage983]

It's tax free

[@Edward4Plantagenet]

I read somewhere that only upto 5 lakhs is tax free per year. My mother gifted 10 lakh to my sister, now I have big doubt 🧐

[@SimarpreetSinghsimu]

He said from other relatives above then 50k Your sister is daughter of ur mother so she can transfer any amount does not matter ! Make sure the transferring party has filled taxes

[@pushkarerande123]

You read wrong

[@sojanmathew4693]

I got 1000000 for to build a house how much tax I have to pay

[@mmaniVel]

If amount received from relatives and thru bank, then no tax ..else normal slab rate apply

[@sainulabiddeen5731]

If i give 50 lakhs to my wife from my nri account. Is the entire amount tax free?

[@mmaniVel]

Yes ..if it's out of NRI account, then fully exempt ..no question arise from IT dept for the source of income earned out of India and held in NRI account .. (but income generated by the amount gifted to ur wife will be taxed in her hands )

[@sainulabiddeen5731]

@@mmaniVel 👍

[@johnny_bravo9990]

Am I allowed to deposit 30 lakh cash in a bank? Will the bank ask questions about the source?

[@whatever7004]

Obviously 😂

[@Noproblem45]

No for cash above 10 lakhs no qns asked but if u deposit cash under 10 lakh u will be jailed immediately so u r good to go

[@pushkarerande123]

Is this a butterfly? Am i floating in the air? Above sentences are nonsense, just like your question.

[@camohit05]

Wrong information... As always

[@rajababu-sp6km]

Sir my friend send me rs 44000 by phone pe is it taxable .plz tell

[@anandrbhandage983]

It's less than 50 k ;hence it's tax free.

[@rajababu-sp6km]

@@anandrbhandage983 thank u for reply and if it is more than 50k then what would happen , as it is sent by some other person then also , I will have to consider the money as taxable

[@satyanaik3521]

Gamd dhone pe b tax lagega😅