FAQs on Gifts received by an individual or HUF

Chapters / List

1. Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?

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2. Are there any cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax?

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3. Gifts received from relatives are exempt from tax. Who will be considered as relative for the purpose of claiming such exemption?

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4. Who will be considered as a Family to receive any sum for treatment or on account of death of person due to any illness related to COVID-19?

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5. Apart from marriage are there any other occasions in which monetary gift received by an individual will not be charged to tax?

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6. Are monetary gifts received from friends liable to tax?

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7. Are monetary gifts received from abroad liable to tax?

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8. An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?

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9. If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

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10. Are there any cases in which the value of immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax?

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11. An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case?

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12. Are immovable properties received as gift from friends liable to tax?

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13. An Individual received gift of a flat from his friend. The stamp duty value of the flat is Rs. 84,000. In this case whether the total value of gifted property will be charged to tax or only the value in excess of Rs. 50,000 will be charged to tax?

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14. Would any taxability arise if an immovable property is received for less than its stamp duty value?

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15. Are there any cases in which immovable property received by an individual or HUF for less than its stamp duty value is not charged to tax?

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16. Are gifts of movable property received by an individual or HUF charged to tax?

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17. An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case?

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18. Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?

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19. Are there any cases in which prescribed movable property received for less than its fair market value by an individual or HUF is not charged to tax?

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