Archive for the ‘Gift Tax’ Category

CBDT has notified the valuation rules for Gifts

Posted by admin on April 15th, 2010

It’s time you looked that gift horse in the mouth, or so the new valuation rules decree. The Central Board of Direct Taxes has notified the valuation rules for gifts over Rs 50,000, and these will come into effect retrospectively from October 1, 2009.


The transaction value of warrants, preference shares and other such instruments transferred to another individual or a company will now have to be certified by a category-I merchant banker according to CBDT’s new fair market value (FMV) norms for gifts.

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Tax Implications of Giving Gifts

Posted by admin on February 15th, 2010

As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration , the aggregate value of which exceeds Rs 50,000 is taxable.


Effective October 1, 2009, the scope of the taxability provisions in respect of the gifts has been enlarged to include immovable property including land or building or both.

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No IT on Gifts exceeding Value of Rs. 50,000

Posted by admin on February 14th, 2010


  • Income Tax is chargeable on the Gifts, received in ‘cheque/cash’ (only), by a Individual/HUF ‘without’ any consideration, ‘exceeding in aggregate value’ of rupees 50,000 in a financial year as per section 56 (2)(vi).


  • ‘No’ Income tax is chargeable on the gifts, ‘exceeding in aggregate value’ of rupees 50,000 (fifty thousands) in a financial year as per section 56 (vi)
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Get Affidavit for Gift over Rs 50,000 from Kin

Posted by admin on October 8th, 2009

From now on, when you get gift-in-kind valued at more than Rs 50,000 from your parents or other relatives, make sure you have a sworn affidavit declaring the donor as your kin. The Central Board of Direct Taxes (CBDT) has recently ruled that any “gift-in-kind” exceeding Rs 50,000 would be taxable at the hands of [...]

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Gifts of Property (Gifts-in-Kind) above Value of Rs.50,000/- become Taxable from 1st October 2009

Posted by admin on September 30th, 2009

The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 /- (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided [...]

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Gift in Kind will be Taxable from 01.10.2009

Posted by admin on July 14th, 2009

According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the hands of the recipient. Earlier, gifts in the form of cash from non-relatives were exempted up to a limit [...]

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