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Taxation of gift

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(Querist)
20 December 2013 whether gift(deposit in bank ) received from foreigner who is not relative of assessee is taxable
if no ,then why?
if yes at what rate and whether basic exemption of Rs 2 lakhs is available or not
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
20 December 2013 yes it is taxable u/s 56.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
20 December 2013 to add on: yes the exemption limit is available. Also note that cumulative total of gifts if doesn't exceed INR 50 thousand, then its not taxable.
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