Is there any need to file return if gift amount less than Rs.2,00,000?

pls let me know if gift amount is less than Rs.2,00,000, then is there any need to show gift amount in income tax return for donor as well as recipient .

as the first person said,that it would be considered as normal income if u r in blood relation, so it means, recipient has to show it in his ITR form and has to pay tax on it

Gift amount 2 lakhs or 2 crores is not the question. This is not asked in the Shedule AIR of the ITR return form. What to show in Shedule AIR (Annual information report) is given below: Gift information is not asked in that list.
http://www.thehindubusinessline.com/2004...

If you are giving a gift to any one:

1) If the receiver is your blood relative, then it will be a tax free amount for him. There is no provision to show the same in ITR form. In case of scrutiny in future, he may be asked for the details of the gift and relationship. But it is tax free and it will not be added to the receivers income.

2) If the receiver is not a blood relation of the donor, then the entire gift amount will become the income of the receiver and he has to show the same in his ITR returns (Income from other sources- Other income) and pay tax as per slab rates.

3) Donar: In the ITR form, there is no provision to show the gifts given by you (donar). That means the income tax department is not interested to know to whom you have given gift. If he has given any donations to which has some benifits to him, then it has to be shown under 80G Donation to Institution, 80GGA Donation or contribution to some organigations, 80GGC Donations to politicacal parties.

Article on gift tax is given in the website. You can go through it. It has given examples also.

http://www.rediff.com/money/2007/jun/25t...

Gift tax has been abolished. There is no need for the donor to do anything.

For the recepient of the gifted amount, if he is your blood relation, then nothing is to be done. But, income from this gift amount will be treated as your income and will be taxed as such in this and future years.

But if the recepient if not your blood relation, then, it will be treated as income without consideration in his hands and taxed as such.

The gift tax is alive and well. It has not been abolished, but is part of a unified gift and estate tax which might have misled a previous respondent to state that it had been abolished.

Under rules for 2006, a gift of more than $ 12,000 to a single donee should be reported on Form 709. Do not report it if a donee gets less than $ 12,000.

There would be no tax due on Form 709, however until the donor's total cumulative taxable gifts exceeded $ 1 million.

But a form 709 could be required even if there is no tax due.

The first answerer is right "Gift Tax" is not in force currently. And Mr.taxxcpa, before answering the question just see for which country it is asked. Bcoz tax rules in each country are different so u might be expressing ur dumbness in answering a question sometimes if u didnt read it properly....

Now answer.. ya gift tax is not in force but as per Indian tax rules only that sum of money which is received from a person who is in direct blood relation to recipient is exempt from tax but if u receive any income from person other than ur relative, than it is not exempt.

ADDITION::

No. If u receive sum from any relative, it will be exempt from tax...