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Income tax return (ITR) is to be filed for FY 2024-25 (Assessment Year 2025-26) by 15 September. While filing ITR, you need to take care of many things. One of these is to give you the correct information about the gifts. While filing ITR, information about the gifts found on Diwali, birthday, anniversary or any other occasion has to be given.
In such a situation, you have to take care of this while filling ITR. If you do not do this, you can get a notice from the Income Tax Department. Chartered Accountant (CA) Anand Jain Telling you about the tax imposed on the gift.
Gifts are considered income from other sources Under the rules of income tax, if you have received gifts worth more than 50 thousand rupees in a financial year, then you will have to pay tax on it. The income tax on the gift is not levied on any one gift, but it is on the total gifts found in a financial year.
The gifts found on Diwali or any other occasion are considered income from other sources, ‘income from other sources’. It is added to your total income (gross income). That is why it has to be given information while filing income tax return (ITR). Tax has to be paid on this according to your tax slab.
How do you feel tax on gift? Under the Income Tax Act, 1961 section 56 (2) (x), tax liability is made on the gifts received by the taxpayer. These things are included in the gifts that come under the tax.
- An amount of more than 50 thousand rupees found in check or cash.
- Any immovable property like land, building etc., whose stamp duty value is more than 50 thousand rupees.
- Jewelery, shares, paintings or other expensive items worth more than 50 thousand rupees.
- Apart from real estate, any property worth more than 50 thousand rupees.
There is no tax on gifts received from relatives If you get a gift from your family members with whom you have blood relation, then you do not have to pay any tax on it. You can take or give any price gift from your family members. It is not taxable. The gifts that come under this realm of exemption are like this-
- Gift from husband or wife.
- Gift from brother or sister.
- Gift from husband or wife’s brother or sister.
- Gift from parents’ brother or sister.
- Gift or property found in heritage or will.
- Gift from a nearest ancestor or descendant of a spouse.
- In the case of Hindu ignorant family, a gift from any member.
- Gift received from Local Authority like Panchayat, Municipality, Municipal Committee and District Board, Cantonment Board.
- Gift from any Fund/Foundation/University or other educational institution, hospital or other medical institution, trust or institution mentioned in section 10 (23C).
- Gift from a charitable or religious trust registered under section 12A or 12AA.
Tax is also levied on the gift from the employer If the gift of up to Rs 5,000 in a financial year from your employer will be tax free, but the value of the gift is more than Rs 5,000, then the additional amount will be considered as income from your salary and will have to pay income tax on it.
Gifts found completely tax free in marriage Whatever gift you get in your marriage is completely tax free. However, you have to give information about these gifts while filing ITR. Apart from this, you will have to give wedding cards and wedding photos like marriage proof.
Do not take cash of more than 2 lakh rupees According to section 269st, if a person receives an amount of 2 lakh or more in cash, then a penalty will be imposed on that person. That is, in this section, the penalty will be imposed on the person receiving the amount and not on the payment of the amount.
So if you are taking an amount of 2 lakh or more as a gift, then take it only through banking channels, such as:- A /C Payee Check, or A /C Payee Bank draft, or transfer to the bank through the electronic clearance system. If the payment is being obtained through self -check, it will also be considered as a transaction in cash and penalty will be installed.
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