Regarding gift tax

If it is above 50,000 then you need to pay income tax on it. No gift tax

Hi

There is no gift tax but you need to pay income

Tax. Gifts up to Rs 50,000 in a financial year are exempt from tax. ... For example, if you receive Rs 50,000 from one friend as a gift and Rs 25,000 from another friend, the limit of Rs 50,000 would be considered to be breached. The entire gift value (Rs 75,000) would be taxable in your hands . It would be considered ‘Income from Other Sources.’ Here, the total value of all gifts received is counted

Hello,

If the gift amount is more than Rs. 50,000 during the F.Y., the whole amount of gift would be considered under income from other sources head.

I hope this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Hi

Gifts received from non-relatives above INR 50000 are taxable in India.

If you have received it as a loan, taxes shall not be applicable.

Yes, this entire amount will be taxable at a tax of 30%+4% cess. You need to pay advance tax on it.

Dear Sir,

Hope you are doing well !!

Yes, the gifts received from friends will be taxable as friend is not a relative as per Income Tax Department.

All kinds of gifts including cash, gold, real estate, paintings or any other valuable item are taxable. However if the cash amount or value of the gift in kind is less than Rs 50,000 the same would not be taxable.

If its above Rs. 50,000 then also you have to pay tax on same.

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