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Business News » Personal Finance News

Tax relief! You don't have to pay income tax on this money gift

Gift received from a relative (including brother) is not liable to tax. Hence, you can receive the gift money in your bank account and you would not be required to pay tax thereon.  

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Tax relief! You don't have to pay income tax on this money gift
Gift received from a relative (including brother) is not liable to tax. Image source: Pixabay
Written By: ZeeBiz WebTeam
Updated: Thu, Sep 20, 2018
12:39 pm
ZeeBiz WebDesk
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My brother is planning giving me money. Should I accept it in my account directly? Will I have to pay tax? - Radhika Harikrishnan

Gift received from a relative (including brother) is not liable to tax. Hence, you can receive the gift money in your bank account and you would not be required to pay tax thereon.

While selling my flat if the price is lower than ready reckoner rates will I get a tax notice? How much tax will I have to pay? - Kushal Verma
As far as the liability to pay tax on capital gains arising on sale of flat is concerned, the taxpayer is required to consider the sale consideration or stamp duty value of the flat (which is computed on the basis of the circle rate) whichever is higher. In case the stamp duty value is higher, the taxpayer has to compute his capital gain tax liability by considering the stamp duty value as the sale consideration.

My PPF account will complete 15 years. If I extend it will I still get section 80C benefit? - Rupa Gulati
Where you want to extend the account and keep depositing, the bank or post-office has to be informed in writing (Form H) within prescribed time. Deposits made without furnishing this Form, will be treated as irregular interest will not be paid on them. Also, the benefits of Section 80 C will not be available on deposits made in PPF account after expiry of 15 years without filing for continuance of the account.

By, Chirag Nangai
(The writer is Director, Nangia Advisors LLP)

Source: DNA Money

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Section 80C
RELATED NEWS
Know what is Section 80C and how you can save income tax under it Know what is Section 80C and how you can save income tax under it
Mutual Funds: Investing for retirement? Know these facts, avail income tax exemption - What experts suggest Mutual Funds: Investing for retirement? Know these facts, avail income tax exemption - What experts suggest
Income Tax savings: Senior citizens can exceed Rs 50,000 limit under Section 80D! Here is how Income Tax savings: Senior citizens can exceed Rs 50,000 limit under Section 80D! Here is how
Filing Income Tax Return? Buy health insurance for family, parents and save income tax up to Rs 75,000, say experts Filing Income Tax Return? Buy health insurance for family, parents and save income tax up to Rs 75,000, say experts
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