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          Case ID :
          Income Tax

          An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case?

          FAQs on Gifts received by an individual or HUF

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          Taxability of gifts: jewellery received above the prescribed threshold is chargeable to tax as income for the recipient. If the aggregate fair market value of prescribed movable property received without consideration by an individual or HUF during the year exceeds the statutory threshold, the entire value of such properties received in that year is chargeable to tax; accordingly, where jewellery gifts from friends in the year aggregate above the threshold, the full fair market value of those gifts is taxable.
                            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.

                                  Taxability of gifts: jewellery received above the prescribed threshold is chargeable to tax as income for the recipient.

                                  If the aggregate fair market value of prescribed movable property received without consideration by an individual or HUF during the year exceeds the statutory threshold, the entire value of such properties received in that year is chargeable to tax; accordingly, where jewellery gifts from friends in the year aggregate above the threshold, the full fair market value of those gifts is taxable.


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