INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: ​Are monetary gifts received by an individual, Taxable under Gift Tax?

Answer: If the following conditions are satisfied, then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*):-

1. Sum of money received without consideration.

2. The aggregate value of such sum of money received during the year exceeds Rs. 50,000.

3. (*) Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax, i.e., monetary gift is not charged to tax.

If the following conditions are satisfied, then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*):-

1. Sum of money received without consideration.

2. The aggregate value of such sum of money received during the year exceeds Rs. 50,000.

3. (*) Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax, i.e., monetary gift is not charged to tax. Source: CoolInterview.com

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