WHAT IS THE MAXIMUM AMOUNT FOR WHICH TAX IS NOT APPLICABLE IF A PERSON GIVES A GIFT TO SOMEONE.
WHAT IS THE MAXIMUM AMOUNT FOR MONETARY AND NON-MONETARY GIFT.
WHAT IS THE MAXIMUM AMOUNT FOR WHICH TAX IS NOT APPLICABLE IF A PERSON GIVES A GIFT TO SOMEONE.
WHAT IS THE MAXIMUM AMOUNT FOR MONETARY AND NON-MONETARY GIFT.
to the extent i know gift 4m relative is not taxable n 4m non relative gift received above Rs.50000/- is taxable
RECEIPTS WITHOUT CONSIDERATION TO BE TREATED AS INCOME [SEC. 56(2)(vi)]
Where any sum of money, the aggregate value of which exceeds Rs. 50,000/-, is received without consideration by an Individual or a Hindu Undivided Family, in any Previous year from any person(s) on or after 1st April’ 2006, the whole of such aggregate value of such sum shall be chargeable under the Income from Other Sources".
Thanks for the early reply
CAclubindia
