Home |Tax returns filing | An individual received gift of jewellery from his friends. The total value of jewelry received during the year as a gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gifts in this case?

An individual received gift of jewellery from his friends. The total value of jewelry received during the year as a gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gifts in this case?

Suman
Answered on January 03,2020

If the aggregate fair market value of prescribed movable property received by an individual or HUF without consideration during the year exceeds Rs. 50,000, then the total value of such properties received during the year without consideration will be charged to tax. In this case the total value of jewellery received during the year exceeds Rs. 50,000 and hence, Rs. 84,000 will be charged to tax.

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