Gifts received without consideration: taxable above threshold, exempt when from relatives, on marriage, inheritance, or institutions. Monetary gifts received by an Individual or HUF without consideration are taxable if aggregate receipts exceed the statutory threshold, but are exempt when received from relatives or HUF members, on marriage, under a will or inheritance, in contemplation of death, from local authorities, qualifying funds or institutions, or registered trusts; exemptions for certain specified persons are restricted. Transfers not regarded as transfer under enumerated exceptions and trusts for relatives are non-taxable. COVID-19 related medical and specified death-related payments to family members are also exempt subject to conditions, timelines, evidentiary requirements and filing of Form A.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Gifts received without consideration: taxable above threshold, exempt when from relatives, on marriage, inheritance, or institutions.
Monetary gifts received by an Individual or HUF without consideration are taxable if aggregate receipts exceed the statutory threshold, but are exempt when received from relatives or HUF members, on marriage, under a will or inheritance, in contemplation of death, from local authorities, qualifying funds or institutions, or registered trusts; exemptions for certain specified persons are restricted. Transfers not regarded as transfer under enumerated exceptions and trusts for relatives are non-taxable. COVID-19 related medical and specified death-related payments to family members are also exempt subject to conditions, timelines, evidentiary requirements and filing of Form A.
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