Gift and gift tax
Querist : Anonymous
Just want to confirm the following.
1. How much amount one can receive as gift (By way of Cheque)
2. From whom one can received amount as gifts.
3. what is exemption limit the income tax on gifts and what is the tax treatment thereon.
Many thanks in advance.
Regards
2. for non-relatives - Rs 50000
Querist : Anonymous
Just want to clear bit further...can a SON receive gift amount from his mother's mother ?.
Regards
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