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gift income
amount received by relative by way of gift..........need to be report in ITR?
Replies (7)
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.
If gift value More than 50,000
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
Please don’t give personal opinion
please refer exceptions to section 56(2)X of income tax act 1961 (amended)
Read carefully section 56(2)X of income tax act 1961 (amended)
one of the exception to section 56(2)X says
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