Gift as per income tax
This query is : Resolved
Anil Kumar
(Querist)
06 January 2009
dear sir i want to know that as per income tax who can give gift and how much amount of gift will be non taxable in hand of receiver of gift, is there any boundation of relation please describe it to me
thanks,
regards,
Anil kumar
M.No. 9971168839
thanks,
regards,
Anil kumar
M.No. 9971168839
06 January 2009
As per sec 56, a gift by way of Cash or cheque for an amount exceeding Rs 50,000 gets taxed in the hands of the receipent.
Exceptions
Gift given by relatives, for marriage, from local authority.
Exceptions
Gift given by relatives, for marriage, from local authority.
Dhirajlal Rambhia
(Expert)
24 June 2023
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