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          Case ID :
          Income Tax

          An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?

          FAQs on Gifts received by an individual or HUF

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          Gift aggregation rule: cash gifts totalling above the statutory annual threshold are taxable when received without consideration. Sum of money received by an individual or HUF without consideration is taxable if the aggregate value of such receipts during the year exceeds the applicable annual threshold; taxability is based on the total of all such gifts in the year, not on each individual gift, and the aggregate value is chargeable to tax.
                            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.

                                  Gift aggregation rule: cash gifts totalling above the statutory annual threshold are taxable when received without consideration.

                                  Sum of money received by an individual or HUF without consideration is taxable if the aggregate value of such receipts during the year exceeds the applicable annual threshold; taxability is based on the total of all such gifts in the year, not on each individual gift, and the aggregate value is chargeable to tax.


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