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Sec 56(2)(vii)

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Querist : Anonymous (Querist)
24 March 2012 if any amount of gift received exceeds Rs. 50000/- what amount shall be taxable? foe ex. if gift of Rs. 80000 then amount taxable is Rs 30000 or Rs. 80000?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 March 2012 If aggregate amount of sum of money received from one or more persons during a previous year (but on or after 1st October, 2009) exceeds Rs. 50,000/-, the whole of such aggregate value will be chargeable to tax.

i.e., Rs 80000/- will be taxable as income from other sources.
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