whether cash gift can be accepted from kith and kin
s nara vara prasad (ACCOUNTANT) (20 Points)
18 November 2016whether cash gift can be accepted from kith and kin
Vishal Varun
(Student)
(648 Points)
Replied 18 November 2016
CA VIRAL SANGHVI
(Finance head)
(681 Points)
Replied 19 November 2016
Gift received for more than amount of Rs.50,000 is taxable.
But if the gift is received from relative than it is exempt.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 12 December 2016
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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