Gift in cash from a friend

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ajay (Querist)
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26 September 2013 hi, i want to ask that can a person receive gift in cash from a friend.please specify if thier is any relevant provision .

CA Mohit Bansal

CA Mohit Bansal (Expert)
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27 September 2013 Gift from friend is taxable u/s 56(2)(vii) of the Income Tax Act,1961.

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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28 September 2013 It can be received. It is taxable above 50,000 hence up to Rs. 50,000 it is tax free and can be received.

Rupesh Jain

Rupesh Jain (Expert)
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17 April 2014 tax received for friends is received from non relative then you have to show in your income. although income tax not tell the taxable income if gift below Rs. 50000/-
but if ITO make question then he in mostly cases he make addition in your income .

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