Gifts received not to be indicated in ITR

Pulkit Agrawal , Last updated: 08 August 2015  
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Introduction :- As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts received from Donors does not exceeds Rs. 50,000/- then whole of the sum received is not to

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Pulkit Agrawal
(CA Practice )
Category Income Tax   Report

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