if i have recieved the gift in cash from more one person below rs. 50000/- per person total gift recd. more than rs. 50000/- from non relative than is it taxable or not???
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gift tax
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Yes...in the case given, the whole of the amount received in cash will be subject to tax...reason being that for determining the taxability of money received as gift, the aggregate of gift amount is taken into consideration and not the individual transactions...so in ur case, even if individual amount received in cash as gift does not exceed Rs.50000, it is taxable as it exceeds Rs.50000 in aggregate. See that it does not fall into other exempt categories such as received at the time of marriage, received from local authority, by will/inheritance etc. Even though it is not relevant in the given case (as it is money received as gift), leme mention that from October 1st 2009, provisions applicable for taxing gift is Sec. 56(2)(vii). Till that date, applicable section was 56(2)(vi)... Don't wanna confuse u by overloading with more info 
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