whether cash gift can be accepted from kith and kin
whether cash gift can be accepted from kith and kin
Gift received for more than amount of Rs.50,000 is taxable.
But if the gift is received from relative than it is exempt.
| Originally posted by : Vishal Varun | ||
 |
upto 50000 in aggregate gift in cash or kind is not taxable from any one. but in case of relatives (as per income tax) all the amount is exempt. |  |
Agree with Vishal
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