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Income Tax on Gifts

 Income Tax on Gifts

-Dr. Lalit Kumar Setia

Are you planning to gift a relative,  to save income tax?

Yes, it is a good option to save income tax. In India, anyone can gift to others for saving taxes in his hands. The money given as a gift is not considered the income of the recipient if he is relative to the person giving the gift.

But it is required to remember that such amount will be clubbed in the taxable income of the person giving the gift as it will not be taxable in the hands of recipients.

For example, the taxable income of Mr. A is Rs. 10 Lacs and he gifted Rs. 2 Lacs to his daughter-in-law or his spouse. Will there be any tax savings?

Since the gift is given to a relative, it will not be taxable in the hands of the recipient, therefore it will not be clubbed in the income of Mr. A and his taxable income will remain Rs. 10 Lacs. There will be no tax implication of giving such a gift in the year in which it is given. But in the following year, the interest earned on such gifted money will be taxable in the hands of the recipient and not in the hands of Mr. A.

Income Tax on Gifts

Never accept Cash Gift of money above Rs. 2 Lacs

The amount up to Rs. 2 Lacs can be accepted as a gift but the amount above Rs. 2 Lacs in Cash form, cannot be accepted as a gift. If a person accepts that he received an amount in cash as a gift from someone either relative or anybody, the income tax department may impose a penalty up to the amount received as a gift. 

Income tax on gifts received from persons other than relatives

The relatives can give gifts without any limit however the gift should be given either using cheque or electronic fund transfer and cash gifts should be avoided. 

But in case, gifts are given or received for other than relatives, then how to treat in the income tax return? Whether it is an income of the recipient or not?

A person who receives gifts of an amount up to Rs. fifty thousand is not taxable in his hands but if the amount becomes more than Rs. fifty thousand then the whole amount of gift will be taxable and included in income from other sources as per Section 56(2) (x) of the income tax act. 

For example, Mr. A received gifts from nonrelatives, Mr. B and Mr. C and the amount is Rs. 45000 then it will not be included in the taxable income however if the amount of gift is above Rs. 50000, then it will be included in the taxable income of Mr. A.

In case, a person is not including the income of gifts in taxable income in such circumstances, then it will be treated as Tax evasion. 

Who is relative and who is not relative for accepting gifts under the income tax act?

While accepting or giving the gift, the tax implications depend upon the relationship between the tax giver and tax recipient. The relatives cover mother, father, brother, sister, spouse, brother and sister of parents, brother and sister of parents in law, brother and sister os spouse, the person who is lineal ascendant or descendant of person or spouse, and also the spouse of the relatives mentioned as relative above.

It is worth mentioning that the person receiving any gift or giving any gift should maintain a record of it, justifying the source of money given as a gift to others.

It is found in many cases, the money which is not accounted as white money is given as a gift, and the person giving the such gift will be held responsible for it.

Are you interested in an Online Course related to Income Tax?:

1. https://smartinstituterls.blogspot.com/2022/12/income-tax-matters-in-government.html 

2. https://smartinstituterls.blogspot.com/2022/12/computation-of-income-tax-liability.html

 *Copyright © 2021 Dr. Lalit Kumar. All rights reserved. 

This article is written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was firstly published on 18th October 2021, and last updated on 19th October 2021. The writer can be contacted on lalitkumarsetia@gmail.com 
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उपहारों पर आयकर
-डॉ. ललित कुमार सेतिया
क्या आप आयकर बचाने के लिए किसी रिश्तेदार को उपहार देने की योजना बना रहे हैं?
हां, इनकम टैक्स बचाने का यह एक अच्छा विकल्प है। भारत में, कोई भी अपने हाथों में कर बचाने के लिए दूसरों को उपहार दे सकता है। उपहार के रूप में दिए गए धन को प्राप्तकर्ता की आय नहीं माना जाता है यदि उसका उपहार देने वाले व्यक्ति के साथ पारिवारिक संबंध है।

लेकिन यह याद रखना आवश्यक है कि इस तरह की राशि को उपहार देने वाले व्यक्ति की कर योग्य आय में जोड़ा जाएगा क्योंकि यह प्राप्तकर्ताओं के हाथ में कर योग्य नहीं होगा।
रिश्तेदारों के अलावा अन्य व्यक्तियों से प्राप्त उपहारों पर आयकर
रिश्तेदार बिना किसी सीमा के उपहार दे सकते हैं हालांकि उपहार चेक या इलेक्ट्रॉनिक फंड ट्रांसफर का उपयोग करके दिया जाना चाहिए और नकद उपहार से बचना चाहिए।

लेकिन अगर रिश्तेदारों के अलावा किसी और के लिए उपहार दिया या प्राप्त किया जाता है, तो आयकर रिटर्न में कैसे व्यवहार किया जाए? यह प्राप्तकर्ता की आय है या नहीं?

एक व्यक्ति जो रुपये तक की राशि का उपहार प्राप्त करता है। उसके हाथ में पचास हजार कर योग्य नहीं है लेकिन अगर राशि रुपये से अधिक हो जाती है। पचास हजार तो उपहार की पूरी राशि कर योग्य होगी और आयकर अधिनियम की धारा 56(2) (x) के अनुसार अन्य स्रोतों से आय में शामिल होगी।

उदाहरण के लिए, मिस्टर ए को गैर-रिश्तेदारों, मिस्टर बी और मिस्टर सी से उपहार मिले और यह राशि रु। 45000 तो इसे कर योग्य आय में शामिल नहीं किया जाएगा, हालांकि यदि उपहार की राशि रुपये से ऊपर है। 50000, तो इसे श्री ए की कर योग्य आय में शामिल किया जाएगा।

यदि कोई व्यक्ति ऐसी परिस्थितियों में उपहार की आय को कर योग्य आय में शामिल नहीं करता है, तो इसे कर चोरी माना जाएगा।

आयकर अधिनियम के तहत उपहार स्वीकार करने के लिए कौन रिश्तेदार है और कौन रिश्तेदार नहीं है?

उपहार स्वीकार करते या देते समय, कर के निहितार्थ करदाता और कर प्राप्तकर्ता के बीच संबंधों पर निर्भर करते हैं। रिश्तेदार माता, पिता, भाई, बहन, पति या पत्नी, माता-पिता के भाई और बहन, माता-पिता के भाई और बहन, भाई और बहन ओएस पति या पत्नी, जो व्यक्ति या पति या पत्नी के वंशज या वंशज हैं, और पति या पत्नी को भी कवर करते हैं। उपरोक्त रिश्तेदार के रूप में उल्लिखित रिश्तेदारों की।

यह उल्लेखनीय है कि कोई भी उपहार प्राप्त करने वाले या कोई उपहार देने वाले व्यक्ति को दूसरों को उपहार के रूप में दिए गए धन के स्रोत को सही ठहराते हुए उसका रिकॉर्ड रखना चाहिए।

कई मामलों में ऐसा पाया जाता है कि जो पैसा सफेद धन के रूप में नहीं गिना जाता है उसे उपहार के रूप में दिया जाता है, ऐसा उपहार देने वाले व्यक्ति को इसके लिए जिम्मेदार माना जाएगा।

 *कॉपीराइट © 2021 डॉ. ललित कुमार। सर्वाधिकार सुरक्षित।

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