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Query: In what cases, monetary gifts are not chargeable to tax

Category: Income Tax

Answer: In the following situations, any sum of gifted money received by Individual or HUF are not chargeable to tax: - 1. Any sum of money received by an Individual from the person covered in the definition of “Relative”. 2. Any sum of money received by HUF from its members. 3. Any monetary gifts received by an Individual from any person on occasion of his /her marriage. 4. Any monetary gifts received by an Individual or HUF by way of inheritance or by will. 5. Any share of money received due to business re-organization of a co-operative bank. 6. Any money received from a trust / Institution, registered under section 12AA. 7. Any money received from a local authority. 8. Any money received in contemplation of death of payer or donor. 9. Any share of money received due to demerger or amalgamation of a Company.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 433



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