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FAQ on e-Dispute Resolution Committee and Form 34BC (No. of topics: 40)

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If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

FAQs on Gifts received by an individual or HUF

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Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable. If the aggregate value of monetary gifts received by an individual or HUF during a year exceeds Rs. 50,000, the aggregate value of such sums received without consideration in that year is charged to tax, rather than only the excess over the threshold.

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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.

Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable.

If the aggregate value of monetary gifts received by an individual or HUF during a year exceeds Rs. 50,000, the aggregate value of such sums received without consideration in that year is charged to tax, rather than only the excess over the threshold.

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If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

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Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable.

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If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

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Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable.

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