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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?

Answer: 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).​



Category Gift Tax Interview Questions & Answers - Exam Mode / Learning Mode
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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?
Answer:

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).​ Source: CoolInterview.com



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