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

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 from all friends during the year exceeds Rs. 50,000 and hence, entire Rs. 84,000 will be charged to tax.​

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