- World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions - Testing EBooks, Tutorials, Articles, Jobs, Training Institutes etc. - Gate EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc. - MBA EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc. - IAS EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc. - SAP EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc. - of GRE EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.

Sponsored Links

Interview Questions
Our Services

Question :

​Are there any cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax?

Category Gift Tax Interview Questions
Rating (3.5) By 6 users
Added on 8/2/2016
Views 434
Rate it!



If the conditions given in preceding FAQ are satisfied then sum of money received without consideration (i.e., monetary gift) by an individual or HUF will be charged to tax. However, in the following cases monetary gift will not be charged to tax.

Money received from relatives (*).
Money received by a HUF from its members.
Money received on the occasion of the marriage of the individual.
Money received under will/ by way of inheritance.
Money received in contemplation of death of the payer or donor.
Money received from a local authority as defined under section 10(20) of the Income-tax Act.
Money received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in Section 10(23C).
Money received from a trust or institution registered under section 12AA.

(*) Relative for this purpose means:-

(a) Spouse of the individual;

(b) Brother or sister of the individual;

(c) Brother or sister of the spouse of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendent of the individual;

(f) Any lineal ascendant or descendent of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f).​

If you have the better answer, then send it to us. We will display your answer after the approval.
Rules to Post Answers in
  • There should not be any Spelling Mistakes.
  • There should not be any Gramatical Errors.
  • Answers must not contain any bad words.
  • Answers should not be the repeat of same answer, already approved.
  • Answer should be complete in itself.
Name :*
Email Id :*
Answer :*
Verification Code Code Image - Please contact webmaster if you have problems seeing this image code Not readable? Load New Code
Process Verification Enter the above shown code: *
Inform me about updated answers to this question

Related Questions
View Answer
​Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?
View Answer
How to benefit legally from gift tax exemptions?
View Answer
What are the points to remember as Donor while giving a gift?
View Answer
Rules for clubbing of gift income?
View Answer
What are the Gifts that are exempt from Tax?
View Answer
Classification of Gift and Gift Tax rates?
View Answer
WHAT qualifies as a Gift under tax laws?
View Answer
Why was an abolished Gift tax restored?
View Answer
Can a gift be conditional?
View Answer
What are the essentials of a valid gift?
View Answer
What is the tax liability of gifts received from friends?
View Answer
Who is a donor?
View Answer
Is revocation of a gift possible?
View Answer
How do I make a Gift of immovable property?
View Answer
How is the stamp duty calculated on a Gift?
View Answer
Who is a donee?
View Answer
Are there exemptions to the income tax liability of a Gift?
View Answer
Is a Gift received from an educational institution or a hospital require one to pay income tax on the Gift?
View Answer
Apart from marriage, is there any other occasion in which gifts will not be charged for tax?
View Answer
Can i gift a property which is burdened with liabilities?
View Answer

Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here - Best Freshers & Experienced Jobs Website.

View ALL Gift Tax Interview Questions & Answers

User Options
India News Network

Latest 20 Questions
What is the date of applicability of Entry Tax in different States?
Who are exempted from payment of Entry Tax?
Who is liable to pay Entry Tax?
What is Entry Tax?
What is Octroi Tax?
What is the compliance mandatory under Excise Duty Tax?
What are the Documents & Process required for Excise registration?
What is the Type of Excise registration?
When Excise Duty Tax is chargeable?
Are Small Scale Industries liable to pay Excise Duty Tax?
What is the taxable event in Central Excise?
What is classification system used in Excise Tax?
What are goods for the purpose of Excise Tax?
What is the consequence of evading payment of excise duty?
Is it mandatory to pay duty on all goods manufactured?
Who is liable to pay excise duty?
Which goods are excisable goods?
What are the types of Excise Duty?
How do you Evaluate Excisable Goods?
What is the Purpose of Excise Duty?

Fresher Jobs | Experienced Jobs | Government Jobs | Walkin Jobs | Company Profiles | Interview Questions | Placement Papers | Companies In India | Consultants In India | Colleges In India | Exams In India | Latest Results | Notifications In India | Call Centers In India | Training Institutes In India | Job Communities In India | Courses In India | Jobs by Keyskills | Jobs by Functional Areas

Testing Articles | Testing Books | Testing Certifications | Testing FAQs | Testing Downloads | Testing Interview Questions | Testing Jobs | Testing Training Institutes

Gate Articles | Gate Books | Gate Colleges | Gate Downloads | Gate Faqs | Gate Jobs | Gate News | Gate Sample Papers | Gate Training Institutes

MBA Articles | MBA Books | MBA Case Studies | MBA Business Schools | MBA Current Affairs | MBA Downloads | MBA Events | MBA Notifications | MBA FAQs | MBA Jobs
MBA Job Consultants | MBA News | MBA Results | MBA Courses | MBA Sample Papers | MBA Interview Questions | MBA Training Institutes

GRE Articles | GRE Books | GRE Colleges | GRE Downloads | GRE Events | GRE FAQs | GRE News | GRE Training Institutes | GRE Sample Papers

IAS Articles | IAS Books | IAS Current Affairs | IAS Downloads | IAS Events | IAS FAQs | IAS News | IAS Notifications | IAS UPSC Jobs | IAS Previous Question Papers
IAS Results | IAS Sample Papers | IAS Interview Questions | IAS Training Institutes | IAS Toppers Interview

SAP Articles | SAP Books | SAP Certifications | SAP Companies | SAP Study Materials | SAP Events | SAP FAQs | SAP Jobs | SAP Job Consultants
SAP Links | SAP News | SAP Sample Papers | SAP Interview Questions | SAP Training Institutes |

Copyright ©2003-2016, All Rights Reserved.
Privacy Policy | Terms and Conditions

Cache = 0.015625 Seconds