News From Press Money received from certain relatives is exempt from tax

Money received from certain relatives is exempt from tax

Source: Livemint May 5, 2016

I had gifted Rs.5 lakh to my spouse, with which she bought some shares. Who will pay the capital gains tax on the sale of these shares?

—Kamal Patel

The entire money received by an individual from any person during any financial year (FY) without consideration, the aggregate value of which exceedsRs.50,000, is taxable under the head ‘income from other sources’.

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