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From now, when you get a gift in kind valued at more than Rs 50,000 from your parents or relatives, make sure you have a sworn affidavit declaring the donor as your kin.

If you get a gift-in-kind of more than Rs 50,000 from your relatives including father, brother and mother, you must have an affidavit or a gift deed on a stamp paper declaring the donor as your kin. This will help you establish before the tax inspector that donor is your relative.

The Central Board of Direct Taxes (CBDT) has recently ruled that any ‘gift-in-kind’ exceeding Rs 50,000 would be taxable at the hands of the donee ‘except’ from relatives or given during occasions like marriage or by way of inheritance of the donee.

The CBDT on September 30 notified that “with effect from October 1.... any gift in kind, being an immovable property or any other property, the value of which exceeds Rs. 50,000, will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family (HUF), as income from other sources...”

The department will not tax gifts received from a relative on the occasion of marriage of the donee, under a will or by way of inheritance, in contemplation of the death of the donor, from any local authority as defined in Section 10(20) of the Act, from any fund or trust established under Section 10(23C) and from any trust or institution registered under Section 12AA.

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