HOW MUCH GIFT IS EXWMPTED FROM TAX??
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Gift tax
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Gifts from employer beyond Rs. 5000 is taxable. But, for gifts from relatives, that limit is Rs.50,000. So anything beyond Rs. 50,000 is taxable, otherwise exempted.
exempted upto rupees 50000, over and above will be taxed at a falt 30%. however if yoou recieve gift from persons mentioned in section 56(2)(vii) and (x) then whatever the amount be it is exempted.
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