Plan Your Investment

Do you have inherited money from your father?. If the answer is “Yes”, do you know the income tax laws related the mentioned transactions. This transaction would fall under the category of gift received from relatives. In my earlier post I have answered a question about the gift from mother. This case also the same [...]

If you receive a gift from any of your relatives or friends worth more than Rs. 50000, as per income tax laws, it may be taxable income on your hands in certain situations. I have earlier discussed about the various gift related rules in Indian income tax act, and received hundreds of queries from our [...]

You have to pay the tax for the gifts received, if it is from the non-relatives. There is no tax if the gift is given by the relative. The following section will explain the clear meaning of relatives in the Income Tax perception. Also there is no tax if the gifts are in any kind [...]

In this blog post I will be writing about the Income Tax rules related to the Gifts received by a person. There is many rules on receiving the Gifts based on the gifts nature and from whom the person has received the gift. The Income Tax Act 1961 has made change to the rules in [...]