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Revised gift limit...

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(Querist)
30 July 2011 I just heard from my Boss that the exemption limit of Gift has been increased to Rs. 1 lakhs... Is it true?? I could not find any notification regarding the same on CCI. If there are any changes, please let me know or send me a link. Thanks.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 July 2011 If u are asking about section 56(2)(viii) of the Income tax Act,1961, the threshold limit is Rs.50,000/-.
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