gift
This query is : Resolved
24 February 2009
Dear Sir,
I am getting a gift from 3rd party (not blood relation) of Rs. 10.00 lac is it taxable, what is examtion limit.
what is its proceezer.
what is it's rule pls, describe
Harish
I am getting a gift from 3rd party (not blood relation) of Rs. 10.00 lac is it taxable, what is examtion limit.
what is its proceezer.
what is it's rule pls, describe
Harish
24 February 2009
gift from other than relatives in excess of rs.50000/-in a year are taxable in the hands of receiptant.
thanks
thanks
24 February 2009
Fully taxable.
24 February 2009
For full details pl refer section 56 of The Income Tax Act,1961.
website-www.incometaxindia.gov.in
website-www.incometaxindia.gov.in
24 February 2009
Gift in cash is taxable, but gifts in kind is not taxable.
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