Income tax
This query is : Resolved
naresh kumar
(Querist)
19 August 2011
Is it any rule in income tax that we can not receive gift more than 50000 from non relatives.
19 August 2011
No prohibition as such. But if exceeds, income tax has to be paid by the donee.
CA Amit Joshi
(Expert)
19 August 2011
You can't receive gift from non relative for more than Rs. 50,000 in cash.
It means you can receive gift for any amount from non relative but it shound not be in cash, you can take it through bank.
It means you can receive gift for any amount from non relative but it shound not be in cash, you can take it through bank.
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