Can a student who has surpassed the age of 18 yrs can take a gift ?
If yes.
What is the maximum amount he can take as gift ?
Does the person giving the gift gets deduction if yes upto what amount.? & under which section
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Income Tax
Replies (3)
a person can take from his relatives (sec56) of any amount.
Rs.50000
1. NO DEDUCTION IS AVIALABLE FOR GIVING GIFT.
2. IF YOU ARE ASKING ABOUT TAX IMPLECATIONS OF RECEIVING GIFT YOU SHOULD REFER SECTION 56.
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