Gifts

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Sujal Patel (Querist)
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24 November 2010 What is the limit of amount for an individual can to receive tax free gifts from non-blood relatives/friends? If an individual gets a 3Lac gift from his parents (tax free as blood relation)and as well taxable gift from his friend within the limit discussed above, in the same year, will this additional gift amount even under tax limit be taxable? Thanks in advance.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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24 November 2010 RS. 50000/ IN A YEAR FROM ALL NON RELATIVE GIFT IS EXEMPTED.

ANY GIFT FROM RELATIVE WILL NOT BE TAXABLE.
NON RELATIVE GIFT WILL BE TAXABLE IN EXCESS OF RS. 50000.

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