Gift received
Nishu Kotian (332 Points)
14 October 2019Nishu Kotian (332 Points)
14 October 2019
CA Dhruva Kalamanji
(Chartered Accountant )
(1996 Points)
Replied 14 October 2019
Kapadia Pravin
(17249 Points)
Replied 15 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 15 October 2019
1. The money value of gifts or gifts in cash will not be taxable up to Rs. 50,000 in aggregate per year if the same is received from friends and persons other than relative.
2. The gift will be taxable under the head Income from other sources, hence it will be taxed according to the applicable tax rate for such assessee.
Please correct me if the above solution has an alternative view.
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