Taxation of Gifts

[Santhosh Prabhu]

Gift received in Kind - whether taxable

[Eshanya]

According to Sec 56 (2), any sum received by an individual or HUF
If received in cash, more than INR 50,000
If received in kind,
Movable property: If its aggregagate FMV >INR 50,000
or (FMV - consideration) > INR 50,000
Immovable property: If its aggregagate Stamp Value
>INR 50,000 or (Stamp Value - consideration) > INR 50,000
is taxable.

Exceptions
-Received from
any relative
occassion of marriage of individual
under a will or by inheritance
in contemplation (prediction) of death of
donor or payee
local authority
fund, foundation, university, other
educational institution, hospital, medical institution, trust or
institution
referred u/s 10(23c)
charitable institution u/s 12AA

I have a question. Gifts received on the occassion of individual's
marriage is exempted from taxability.Dont you feel that the government
is encouraging the Dowry system by such clause?

[vishnu kiran]

Eshanya seems to have written from CA Manoharans teaxt book!!!!

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[vishnu kiran]

though dowry received is not taxable. but there are provisions to
penalise the guilty under Indian Penal code. (Income tax is not
bothered about source from which u earn income. One can declare income
which is earned from Supary killings under the head income from other
source) (Eshanya dont you think income from other source should be
removed according to your view point???)

On Sep 2, 11:17 am, Eshanya <esha...@gmail.com> wrote:

[Eshanya]

Whether the income is legal or illegal it is taxable.Income tax dept
is bothered about the source from which it arises.Tell me under what
account head will you show earnings from supary killings?if such
income could be made 'white' so easily why Lokayukta dept was created?
Its true that guilty will be punished.Do you think one woman will
complain against her own husband to the police?The husband will never
feel he is guilty unless a complaint has been lodged against him.

The head "other sources" cannot be removed.

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[Vignesha M]

first of all.. dowry s given by father-in-law only right.?