Sec 56(2)(vii)
This query is : Resolved
Querist : Anonymous
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?
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.
i.e., Rs 80000/- will be taxable as income from other sources.
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