Various exceptions and inclusions for gift tax of India are: 1) any cash, movable or immovable property up to the value of Rs.50,000 is exempted from gift tax of India. If the value of cash or properties exceeds Rs. 50000, then the complete amount or value is liable to Gift tax and not the exceeding value only. 2) Gifts received from anyone in weddings is exempted from gift tax of India. 3) If the gift has been received through WILL or inheritance then that gift is not considered for gift tax. 4) Gifts given to ?relatives’ is exempted from any kind of gift tax. The definition of relative as per income tax act includes parents, spouse, brothers, sisters, children, brother and sister of spouse, brothers and sisters of your parents, lineal ascendant or descendent of your spouse and spouse of people referred above. *gifts received from these ?relatives? are exempted from gift tax.
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What are the various exceptions and inclusions for gift tax of India?
