gifts out of love and affection

Rs.5000/- is the maximum limit.  If the gift amount exceeds it is taxable in the hands of the person who gifted the money and not in the hands of the receipient.

regards

balaji

Hi Anupama,

U/s 56 gift is taxable as IFOS the max tax exemption is Rs. 50,000 any amount received during the year exceeding this then the entire amount including the 50,000 will be taxable but amount received from relative, on wedding, in contemplation of death, then entire amount is exempt with out any limit. You should better have a look of sec 56 for moere details.