20 December 2013
whether gift(deposit in bank ) received from foreigner who is not relative of assessee is taxable if no ,then why? if yes at what rate and whether basic exemption of Rs 2 lakhs is available or not
20 December 2013
to add on: yes the exemption limit is available. Also note that cumulative total of gifts if doesn't exceed INR 50 thousand, then its not taxable.
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