( Author )
28 July 2009
what is the limit of gift
things are confusing on the forum.
some say limit is 50000/-
but some say that 50000/- is total limit i.e. you can receive 25000/- from each donor and a total of 50000/- in a year
and if the sum is more than the limit than the entire amount is to be taken under the head "income from other sources" i.e. if the gift is 52000/- then the entire amount of 52000/- will fall under tax slab and not just 2000/-.