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Gift given out of blood relation

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 December 2015 Dear experts,
Weather gift given of Rs. 50000/- is taxable or not if taxable whom hand it will be taxable..

Plzzzz reply....
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
01 December 2015 Gift given to other than relatives are exempted upto Rs 50000/-.

If it exceeds Rs. 50,000, the whole amount will be taxable in the hands of recipient.

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