"Family Tax Planning While Accepting Gift"

 

You now need to be a little careful when receiving a gift from people who are not your relatives. A gift received on or after 1 September 2004 from non-relatives would be treated as your income from other sources and taxed accordingly, unless the gifts received are upto `50,000. The gift from relatives can be received of any quantum.

These limitations with regard to gifts from persons other than your relatives apply only with respect to gifts received by cash, cheque or any other mode of payment such as gift cheques and travellers cheques as also gifts in kind. Thus, gifts by way of jewellery, property, etc., can be received even from non-relatives without being subject to income tax within the overall limit of `50,000.

It would be advisable for the person receiving gifts to obtain a certificate in duplicate or an affidavit from the donor. As far as possible, gifts should be made by account payee cheques. Of course, the gift must be genuine. It is better to mention the income tax file number or PAN of the donor. The donee of the gift should send a formal acceptance letter to the donor for having accepted the gift.


As per the Finance Bill, 2012 if certain gift is received for which the assessee has no proof, then income-tax @ 3O% would be payable on the same.
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