There are various situations in which a donor can gift a done. Due to receipt of gift, the done can get income tax benefits in the following ways. Our Fairness opinion dedicated team of financier experts follows recognized procedures; analysis the information received from the company and produces a highest standard of Fairness opinion of Annually are tax-free, A relative is Income tax free, Wedding does not attract any tax, Gift Will is tax-free, Movable property and Immovable property
Benefits of Fairness Opinion or Income Tax
Adroit Valuation of Fairness Opinion for income tax benefits for the receivers. Adroit Valuation a financial advisory to helps the benefits of income tax, business in assessing a potential acquisition, aids in decision making and enhance communication.
Gift valued till Rs 50,000 annually are tax-free valuation service
If a person gets gifts (like land, building, drawings, paintings) which amount up to Rs 50,000 then it is tax-free. But, if the value is above Rs 50,000, then the entire amount received from gifts is taxable.
Gift given by a relative is tax free fairness opinion
A gift given by a relative irrespective of its value is tax-free for the person receiving the gift.
Gift received at wedding does not attract any taxes
Gifts given during wedding by relatives or non-relatives are Income tax free. In this case, the value of the gifts is not taken into consideration.
Gift received by Will is tax-free
If a person acquires property like land, building or wealth by will, it is tax-free, irrespective of the value of the property or wealth.
Gift of Movable property – Adroit Valuation
Consideration means that the person who receives the gift has to pay some amount to get the gift. In this case, two scenarios arise:
Without Consideration: Gift valued below Rs 50,000 is Income tax free. If it exceeds this limit then the worth of the movable property as per market will be taxable.
With Consideration: Gift whose amount is more than Rs 50,000 attracts tax. Tax is the outstanding amount of consideration and the value in the market is applicable for tax.
Gift of Immovable property
Immovable property includes land, building except for farming land in the rural area. In this case, two scenarios arise
Without Consideration: Supposing that person receives immovable property which holds stamp duty lower than Rs 50,000, it is considered to be tax-free. If the stamp duty has a value that exceeds Rs 50,000 then it will be taxable.
With Consideration: Supposing that a person receives immovable property amounting more than Rs 50,000 in which consideration has stamp that holds less value than the property then outstanding amount of consideration and value of stamp duty will be taxable