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GIFT FROM NON RELATIVES

Others 310 views 2 replies

Hi

someone has received 1.21 lakh gift by cheque in previous year by non relatives.

The gift was given by 3 different people as 45K,45K and 31K.

will it be recorded as non taxable as it is under 50K by each person or will it be taxable since it has crossed the limit of 50K by non relatives.

 

pls help

reply will be highly appreciated.

Replies (2)
Anything received from non relative above 50k is takable. In this case, 71k is taxable, irrespective of the individual amount received below 50k.

CA Aakarsh Jain
ca.ajaakarshjain16 @ gmail.com
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