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Tax Evasion Checklist: Receiving Gifts And Cash From Persons Other Than Blood Relatives

June 24, 2016 by Sudhir Kaushik

In a financial year, receiving gifts whose total worth amounts to more than Rs 50,000 from non-relatives is taxable. Gifts offered by the following relatives are tax exempt:

  1. Spouse
  2. Parents
  3. Siblings of self and spouse
  4. Siblings of either parent
  5. Lineal ascendants or descendants of self and spouse
  6. Gifts to spouses or minor children will attract clubbing provisions.

Gifts received on occasions such as marriage and religious ceremonies do not attract tax.
If a house is purchased at a price lower than the stamp duty value and the difference in prices exceeds Rs 50,000, the amount is then considered as a taxable gift.
Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):

  • Ignoring income from investment in the name of spouse, kids.
  • Ending life insurance policy before 3 years.
  • Not including interest income in your tax return.
  • Selling a house bought on loan within five years.
  • Not including ornaments in wealth tax.
  • Not paying wealth tax on second house.
  • Both spouses claiming tax benefit on same expenses.
  • Withdrawing PF within five years of joining a company.
  • Taking benefit of basic exemption limit twice in a year.

Filed Under: Tax Refunds

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