ITR Filing: Don’t Forget This Item
Most people file their income tax returns for 2013-14, with just days left to the due date of July 31. Now most of the people are taking to filing their returns them self with e-filing. We don’t leave out any elements while filing our income tax returns.
According to the income tax rules, the received gifts, if won a lottery, won prize money froma contest are also taxable. It has to reflect in your returns.
If you get a gift valued in excess of Rs. 50,000 from anybody other than relatives is considered as income and falls under the caegory of ‘income from other sources’. The entire amount that the gift worth is added to your gross total income on which income tax is calculated.
The gifts which you get as an inheritance like the gift received when you get married is not treated under taxable gifts. The gift received from your spouse’s relatives are also exempt from income tax.
If you get gift(jewellery) which costs more than Rs. %0,000 from your boy friend, then you will have to pay tax on it. Also your boyfriend/girl friend gifts you some sculpture or painting costs of Rs.50,000 also be taxable.