IT would have been better if the article had covered the documentation aspect of a gift to a relative. If it is a cash gift to the exempted category of persons, how is to be reflected in the donee's return? Is it to be reflected at all?
"Items such as automobiles, fancy gadgets, shares, jewellery, property or anything else valued over Rs 50,000 received as a gift from a Non-Relative, will be a tax liability" Totally incorrect statement. Gifts received of automobiles and fancy gadgets will not attract tax. Items of gifts received taxable in hands of individual/HUF are (i)Immovable property except rural agricultural land; (ii)shares and securities; (iii)bullion:(iv)Jewellery; (v)archealogical collections; (vi)drawings;(vii)paintings; (viii)sculptures; (ix)work of art; (x)money
"Items such as automobiles, fancy gadgets, shares, jewellery, property or anything else valued over Rs 50,000 received as a gift from a Non-Relative, will be a tax liability" Totally incorrect statement. Gifts received of automobiles and fancy gadgets will not attract tax. Items of gifts received taxable in hands of individual/HUF are (i)Immovable property except rural agricultural land; (ii)shares and securities; (iii)bullion:(iv)Jewellery; (v)archealogical collections; (vi)drawings;(vii)paintings; (viii)sculptures; (ix)work of art; (x)money
