Income Tax on Gifts | Taxation of Gift in India | Section 56(2)(x) | Gift Tax Explained

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  • Опубліковано 22 сер 2024
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    Confused about Gift Tax? We will explain you all you need to know about Gift Tax in India and how you can SAVE TAX easily. Which type of Gifts are Taxable? Which are NOT?
    We will answer all your questions Regarding Taxability of Gifts. किस तरह का Gift Taxable है ?
    TAXABLE GIFTS
    ------------------------------------------
    * Gifts above 50,000 is taxable in India
    * Monetary Gifts above 50k is taxable
    NON TAXABLE GIFTS
    -------------------------------------------
    * Received on the occasion of Marriage
    * Received under a Will
    * Gift Received from Any RELATIVE is not Taxable
    Watch the video to know who is considered as relative and who is not considered as relative.
    Relative का definition जानने के लिए पूरा Video देखिये| बहुत सरल तरीके से समझाया गया है |
    What is gift tax in India 2022? Gifts are taxable? Gift can be as Gold, Money, Property or any other Gift. Tax Treatment of Gifts Received by an Individual. We will also discuss important steps to be take into consideration while getting big amount Gift.
    #GiftTaxIndia #IncomeTaxOnGift #TaxFreeAmountonGift
    What are Kind of Gifts?
    Tax If Gift received during the year exceeds Rs. 50,000?
    What if Gift from Employer?
    Gift at time of Marriage?
    What are the precautions while accepting High Value marriage gifts?
    Definition of Relative?
    Clubbing of Income what are the rules?
    Gifts are tax free if which condition?
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    gift allowed in 2021,
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    section 56 of income tax act,
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    is money received from friend taxable,
    Gifts are an integral part of Indian Society. In this video we will discuss the implications of Income Tax on Gits received from Relatives, Friends and Non Relatives.
    If an individual/Huf receives from any person or persons any gift, exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF under section 56.
    #gifttax #incometaxongifts
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    tax on gifted shares,
    tax on gifted stocks,
    tax on gifted property,
    tax on gift deed,

КОМЕНТАРІ • 132

  • @virendrapandey9735
    @virendrapandey9735 19 днів тому

    Very well explained CA Vikas Ji. In addition to your primary job, you are an excellent teacher too.
    But one thing I couldn't understand is - Suppose in a family of five members, only head of the family earns. And that person gifts surplus assets to other four persons every year. In this way, for that family a lot of tax is saved . Will it not fall in the category of tax evasion? Please clarify.Thanks

    • @CAVikasSharma
      @CAVikasSharma  19 днів тому

      @@virendrapandey9735 sir in this situation provisions of clubbing shall be applicable and accordingly tax shall be levied on transferor.

  • @nath123premanku
    @nath123premanku Місяць тому +1

    Fantastic Marvelous Outstanding!!!

  • @ashwinpitti
    @ashwinpitti 5 місяців тому

    Sir, cash(RTGS) gift from father to son is tax free but do we need to show/declare it in schedule EXEMPT INCOME while filing ITR? pls clarify, Thx.

  • @srinivasaraoturlapati8130
    @srinivasaraoturlapati8130 25 днів тому

    Very good presentation 👍

  • @ashishbansal3669
    @ashishbansal3669 2 місяці тому

    Can gift received by individual from his/her brother's or sister's son/daughter is exempt? Does it comes under lineal descendant?
    Matlab kya bhanja apne mama ko ya bhatija apni bua ko exempted gift de sakte hain?

  • @ramchandrasahu1107
    @ramchandrasahu1107 4 місяці тому

    Sir, Maine 2018 me huf banaya tha, us samay maine koe bhi amount ka gift liya nahi tha, direct huf form kar ke usaka huf ka pan card banaya hu, kya huf shuru karane k liye amount ka gift lena jaruri tha, kya ab ye huf itr ko manya nahi hoga, plz guide me

  • @nandiniray7655
    @nandiniray7655 3 місяці тому

    Wedding jewellery from parents purchased a year or more prior to the marriage is taxable for the recipient? what proof is needed to be shown?

  • @shiwaniagrawal6610
    @shiwaniagrawal6610 2 роки тому

    Your examples are excellent sir it's made easy to understand concepts

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому +1

      Thank you. Keep watching and sharing.

  • @AkashChandraGupta
    @AkashChandraGupta 8 місяців тому

    How to show the gifted money in my ITR to save tax?

  • @binodbujarbaruah
    @binodbujarbaruah 5 місяців тому

    Request to intimate whether tax is required to be paid of gift if income is generated from the gift..
    Suppose a husband gifts to his wife and income generated from gift.

  • @meenaahuja1516
    @meenaahuja1516 2 роки тому

    Thanks sir for such a informative and complete information on taxability of gifts.

  • @MukeshSoni-et7qr
    @MukeshSoni-et7qr 11 місяців тому

    Mother ko unke vivah par 1966 me alag -2 relative se gold jewellery mili thi
    abhi muje gold jewellery di he by sapath patra without notary bana kar kya ye IT department accepts karege

  • @iqrazonecommerce6126
    @iqrazonecommerce6126 Місяць тому

    Sir I have received 28000 against 194R. In which head I have to show this amount in ITR 3?

  • @DakshMore23
    @DakshMore23 Рік тому

    Vikas ji
    Do maternal grandparents (Nana and Nani) fall under relatives under this section? Are gifts received from them exempted for taxable?

  • @sakshisharma440
    @sakshisharma440 Рік тому

    Thankyou Sir, could you please let me know if money sent from abroad directly to parents account is also exempted from tax?

  • @shyampph
    @shyampph 7 місяців тому

    Very good explained

  • @shankarmendon1608
    @shankarmendon1608 2 роки тому

    Very useful information. Many thanks and best wishes.

  • @JN_AGR
    @JN_AGR Рік тому

    You told in this video that if we received gift from relative like husband than no tax will be applicable but is it exempt if received upto Rs.50000 or we can receive any amount?

  • @RohitSharma-dh8gr
    @RohitSharma-dh8gr Рік тому

    very useful and detailed video. Sir agar wife ko 20L transfer kiye uske bank account me online and then us money se FD leli wife k naam pr to kya wo FD ki income husband ki income me club ho jayegi ya wife ki income me mani jayegi?

    • @aksl0007
      @aksl0007 11 місяців тому

      yes wife income will be your income and has to be shown in ur itr ....sir ca vikas sir jo keh rahay vo keval fund transfer pe tax lagta hai uski baat kar rahay hai ....... once fund is transfrred and then it gains any interst in case of ur then you are liable to pay income tax on interest earned from that interst.... if u not show in your itr then it comes under money clubbing which most of people are doing for saving and then getting notice from income tax for this act.....

  • @VivekGupta-jb4un
    @VivekGupta-jb4un 9 місяців тому

    Very well explain Sharma ji

  • @nandakishore311
    @nandakishore311 2 роки тому +1

    If i gift shares to my wife.... And she books profit.... Now will this capital gain come under clubbing of income in my acct or my wife has to file tax for it

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому +1

      if it is irrevocable transfer then no clubbing will be done

  • @LibraVentures
    @LibraVentures 2 роки тому

    Hello Vikas sir! jaise ki apne bataya ki jab hum apne relatives se gift koi receive karte hain toh woh ek exempted case hai toh sir kya phir iss case mein koi condition applicable nahi rehti hai ki gift ki value 50k se above hai yah nahi yah gift cash ki form mein hai yah nahi? aur sir gifts received on the occasion of marriage mein bhi yeh conditions applicable nahi rehti hain ki woh cash ki form mein hai yah movable property ki form hai?

  • @rajpal7959
    @rajpal7959 4 місяці тому

    I got tax-free retirement benefits and i deposited Rs 30 lakh in SCSS on the name of my wife.10 percent tds deducted under her PAN in March 2024. I made a gift deed of this amount and transferd in her account thru cheque.she is housewife. Should she continue this deduction to take back refund filing ITR. I will show this earned interest in my income because it is to be club in my income to avoid any problem.
    Should she submit 15H form? Or continue dedection.
    How can i show in my ITR.
    as already 10 percent tds deducted in her PAN.
    Please guide me.

  • @NishaSingh-mc8ld
    @NishaSingh-mc8ld Рік тому

    Thank you so much sir,
    If I will share some amount of my mother then how can I show in itr file and how much money I save from tax.
    Pls reply

  • @soni1142
    @soni1142 2 роки тому

    Thank you so much sir for your great efforts ❤️❤️❤️❤️

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      Thanks and welcome. Please like and share the video and subscribe the channel

  • @meenapardasani8647
    @meenapardasani8647 Рік тому

    Kya ek fy me daughter ya son 50000 ka gift ker sakte hain taki salaried person tax deduction le sake aur father senior citizen ho yeh kaun si us me ata hai agar sr citizen ki total income taxable nahi

  • @vijayparikh6959
    @vijayparikh6959 2 роки тому

    Superb explanation

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      Thanks and welcome. Please like and share the video and subscribe the channel

  • @dr.yogendrasingh1009
    @dr.yogendrasingh1009 6 місяців тому

    So nice sir.
    Donor ko gift dene par kya koi tax se relief milega...ye clear nai hua

  • @satyamiryala8579
    @satyamiryala8579 Рік тому

    Hi sirji, excellent video and thanks 🙏

  • @biswajitbose2858
    @biswajitbose2858 2 роки тому

    Very helpful Sir....

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому +1

      Thanks and welcome. Keep watching and sharing

  • @vipansharma7088
    @vipansharma7088 2 роки тому

    Sir how much money I can transfer through net banking to my wife in one financial year also is it under the gift ya as a loan given to avoid tax implications..Thx.

  • @joshiji787
    @joshiji787 26 днів тому

    यदि एक पति अपने पत्नी को 50 हजार का गिफ्ट देते हैं तो पति को छूट मिलेगी क्या

  • @TheSudhansu143
    @TheSudhansu143 2 роки тому

    If I am gifting some equity stocks/shares to a person. In what price the stock will transferred to him. For example I purchased a share in 50 rupees and same stock price now it's current market price is 70 rupees. At that time I wanted to gift the stock to my wife then in what price my wife will get the sahare ie in 50 or 70 rupees.

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @shibabratagupta31
    @shibabratagupta31 Місяць тому

    Thanks 👍

  • @anujsharma5952
    @anujsharma5952 6 місяців тому

    Sir अगर father se 1,5,0,000 cash me मिले तो क्या tax free hoga

  • @GUJARATIBHOMIYO
    @GUJARATIBHOMIYO 2 роки тому

    If child paid to parents, so can child show deduction in itr? If yes then which section?

  • @srinivasrao4547
    @srinivasrao4547 2 роки тому

    Thanks for the detailed Video.. I have a small request Sir on to show the same in ITR 2
    Can you create a video on Gift Income (Cash &Property) received from Relatives as well as from Friends on how and where to show them in ITR 2 along with the exemption as per the limits.. It will be helpful as i have received Rs 1,00,000 in cash as a gift from my Father in last Fy 21-22 which is exempt from tax but i wanted to show the same in ITR 2 and get the exemption, I could not show the same in my ITR 2 returns as I was confused where to show the amount in ITR 2.
    I am expecting the same amount of gift from my father this year also and i would like to show in ITR 2 and get the exemption of same..

  • @chinmoy_bora6915
    @chinmoy_bora6915 Рік тому

    sir father account se khud ke account mei ek financial yr mei online 2.5 lac se jyada transaction kiya toh tax lagta hai kya 🤔

  • @know.it.yourself
    @know.it.yourself 4 місяці тому

    Sir ji
    Please explain
    I followed every thing you said here
    I did proper loan agreement with my ससुरजी
    But I took cash in hand 5 lakh and deposited in my account
    Is it ok sir
    Please help

  • @YOGISH27
    @YOGISH27 8 місяців тому

    Information is knowledgeable and valuable thanks 🙏🙏🙏

  • @exe.noobda
    @exe.noobda 6 місяців тому

    Sir do father's brother (Chacha) if received gift from me do he have to pay tax ?

    • @CAVikasSharma
      @CAVikasSharma  6 місяців тому

      No. He is also covered under the meaning of relatives

  • @kishormayajaiswal90
    @kishormayajaiswal90 2 роки тому

    thanks sir mai puchana chahtahu ki mai khud ki daughter ko cash gift dene per tex lagta hai kya

  • @arkapaul4190
    @arkapaul4190 2 роки тому

    Sir gift from relative matlab mere father mere account me 3lakh transfer kiya tha usko itr me keise show karna ha? as tax free income..

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      show it as gift in your ITR

    • @arkapaul4190
      @arkapaul4190 2 роки тому

      @@CAVikasSharma where it to show in itr 1

  • @RATAN_BHUIYA
    @RATAN_BHUIYA 2 роки тому

    Sir mere pita ji ne mujhe 10lakh gift me diye the bank through... 2019 me... Ab 2022 me oo 10lakh me apni mmy ko gift krna chahta hu to kya mmy us 10lakh ki fd create kregi to Clubbing applicable papa par??

  • @soloman3211
    @soloman3211 2 роки тому +1

    Sir what if my both working mother and father pay individual tax and gift me 1 crore each, will it be taxable?

  • @vijaykrpp
    @vijaykrpp 2 роки тому

    If I gift Rs. 50K to my father, then my net taxable ince will be reduced by 50K, right?

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @yashwantgolatkar1456
    @yashwantgolatkar1456 2 роки тому

    sir,i received rs 4 lac gift from my son.is it tax free.if yes under which cause it will be show in itr.

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      yes its tax free. to be shown in Exempt Income in ITR

  • @pritishahu7843
    @pritishahu7843 2 роки тому

    sir mere husband mere papa s 3 lakh ka cheque gift le to koi problem hogi kya mere husband ki salary under 2.5 lakh h

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @GRG1982
    @GRG1982 2 роки тому

    सरजी,
    पत्नीने उनके पती को शेर्सस गिफ्ट किये तो टॅक्स मे दिखाना पडेगा का
    टॅक्स देना पडेगा
    प्लीज बतायी🙏

  • @nidhibissar23
    @nidhibissar23 5 місяців тому

    Relative ko Gift dene wale ko bhi tax lagega kya plz explain

  • @raghav933
    @raghav933 2 роки тому

    Kisiki salary monthly 1 lakh hai aur o bank mai aati hai aur o pure salary ख़र्च कर्ता ho to oo tax kaise dega
    Fir bhi use tax bharna padega kya please replay

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      Yes still tax needs to be paid

    • @raghav933
      @raghav933 2 роки тому

      @@CAVikasSharma agar uske pass paise hi n ho to o tax kaise bharga 🤔

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому +2

      @@raghav933 Loan lega then tax pay karega

  • @vipulshah3865
    @vipulshah3865 2 роки тому

    sir
    1) Father Gift Share to Major daughter & Dividend income generate from the gift stock is clubbling with Father income ?
    2) Husband Gift Share to spouse & Dividend income generate from the gift stock is clubbling with Husband income?
    3) Individual Gift Share to HUF Account & Dividend income generate from the gift stock is clubbling with Individual income ?
    Awaiting your reply

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with me on Whatsapp me at 9311014508

    • @vipulshah3865
      @vipulshah3865 2 роки тому

      Thanks for your valuable reply

  • @kavya.rose.
    @kavya.rose. 2 роки тому

    Hello sir can a friend gift more than 100k$ deposit bank ?

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @hemantvetal
    @hemantvetal 2 роки тому

    what if i gift 2 lakh to no income person , then that person tax liability is zero?

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @avtarsinghsidhu8223
    @avtarsinghsidhu8223 2 роки тому

    Thank you very much sir, for very informative video. Pls tell me, if I gift money to my wife and she earns some rental/interest income from this gift, then whether this income will be clubbed with my income or not : My wife is earning some rental income from some investment which she got from sale of her inherited farming land and residential property. She is also filing ITR since then.

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with me on WhatsApp me at 9311014508

  • @dewerujeti2369
    @dewerujeti2369 2 роки тому

    If I return the cash gift, should I still pay tax

  • @vaibhavdubey7594
    @vaibhavdubey7594 2 роки тому

    Sir agar working mother apne son ko 10lakh de to kya tax lagega

  • @caankurgupta5629
    @caankurgupta5629 Рік тому

    Sir Nana and Nani also covered?

  • @shivammishra-wl4bq
    @shivammishra-wl4bq 7 місяців тому

    marriage mein toh 50 hazaar se jyda cash lete hein sir how to understand it??

  • @rajendrakayan1105
    @rajendrakayan1105 2 роки тому

    What are the limits and tax implications of taking gift from relative in USA ?

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with me on whatsapp 9311014508

  • @narayandas2803
    @narayandas2803 2 роки тому

    Equity gift pe kese Tax lagega?

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @caruserofficial
    @caruserofficial 2 роки тому

    What about my mother's father (nanaji)

  • @sunilurhekar7737
    @sunilurhekar7737 Рік тому

    Can wife gift 100000 rs worth shares to her husband without tax implications

  • @wasseqahamad9829
    @wasseqahamad9829 Місяць тому

    मेरी पत्नी मुझे 20लाख गिफ्ट देना चाहती हैं हम उसे कैसे प्राप्त करें कि भविष्य में आयकर का कोई मामला ना फंसे FMV SDV कैसे जोड़

    • @SaurabhKumar-n7z
      @SaurabhKumar-n7z 23 дні тому +1

      Bhai aapko aise hi de degi family members ke paise Dene maimkoi tax apko nhi Dena hai ...lakin apki biwi vo 20 lack kaha se layi uska hisab hona chahiye apki biwi ke paas

  • @radheyshyammimrot441
    @radheyshyammimrot441 21 день тому

    दो बेटे अपने पिता को दस लाख रूपये गिफ्ट दे सकते है

  • @rameshkumaragrawal6133
    @rameshkumaragrawal6133 9 місяців тому

    देवरानी और जीठानी आपस में गिफ्ट लेना देना कर सकते है क्या।

  • @vishnupandya9967
    @vishnupandya9967 11 місяців тому

    छोटी बहन बड़ी बहन को 50 लाख रुपए काअपने बैंक का अकाउंट से Geft deed बना के अकाउंट पें चैक देंगी तो छोटी बहन और बड़ी बहन दोनों को टेकस की जिम्मेदारी क्या आ सकती है

  • @pritishahu7843
    @pritishahu7843 2 роки тому

    aapko call kre to consultant free h ya charge h

    • @CAVikasSharma
      @CAVikasSharma  2 роки тому

      connect with us on WhatsApp at 9311014508

  • @prashantbhosale120
    @prashantbhosale120 2 роки тому

    I just watched video. I have one query.
    Shall I connect u on whats app.