Gift taxes

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A person received 40000 rupees as a gift from parents in a year and also receives 40000 as a gift from the friends in the same year.

My question is 40000 + 40000 = 80000 so does it becomes taxable income

Or the gift from parents and gift from friends are considered separately.

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On 27 March 2019 at 17:47 Report
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22 Points Posted on 27 March 2019
Since Gift from relative is exempt from Income Tax therefore gift received from parents are exempt. Since gift received from friends does not exceed Rs 50000/- therefore they are also exempt
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On 27 March 2019 at 20:06
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*****Accountant***** Never insult to a
996 Points Posted on 27 March 2019
agree with Abhishek
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On 27 March 2019 at 21:11

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