gift income

Guest

If you receive the sum of money worth more than Rs.50000, you are liable to pay the tax on the aggregate amount (that is, total amount received). This rule applies when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which is value more than the Rs.50000.

Sarath Rajendran

Nil

2791 Points Posted on 28 August 2018

If gift value More than 50,000

Sunil Suni

94 Points Posted on 29 August 2018

in my opinion gift whether in cash or kind from relative is always exempt , however gift in cash from non relative is taxable if exceeds 50000

Guest

Please don’t give personal opinion

Sunil Suni

94 Points Posted on 29 August 2018

please refer exceptions to section 56(2)X of income tax act 1961 (amended)

Guest

Read carefully section 56(2)X of income tax act 1961 (amended)

Sunil Suni

94 Points Posted on 29 August 2018

one of the exception to section 56(2)X says

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Rekha Bisht

Sarath Rajendran

Sunil Suni

Sunil Suni

Sunil Suni

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