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INTERVIEW QUESTIONS TAX GIFT TAX DETAILS
Question :

​Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?

Category Gift Tax Interview Questions
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Added on 8/2/2016
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Answers:

Source: CoolInterview.com

If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*):-

1. Sum of money received without consideration.

2. The aggregate value of such sum of money received during the year exceeds Rs. 50,000.

3. (*) Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax, i.e., monetary gift is not charged to tax.
Source: CoolInterview.com




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