Gift

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thotasrinivas (Querist)
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03 November 2015 how much amount cash gift eligible exemption taken from relation & any other. can u give clarity on "relation".

Amol S Joglekar

Amol S Joglekar (Expert)
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03 November 2015 section 56 (2) (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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