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Limit of Excemption for gift
what is the limit of excemption available for gift for the FY2007-2008, both cash and kind?
Replies (5)
For Cash it is exempt upto Rs.50000.Beyond Rs.50000 it is fully taxable.For gift received in kind, it is fully exempt.
if gift received from relatives it is fully exempt whether in cash or kind and if received from other than relative in cash upto 50000 it is exempt & and in kind ,fully exempt
GIFT RECEIVED FROM RELATIVE IS FULLY EXEMPT [RELATIVE MEAN BLOOD RELATION] OTHER THAN RELATIVE IT IS EXEMPT UP TO 50000/- IN CASH OR KIND IT IT IS EXCEED RS 50000/- THAN FULLY TAXABLE
Read Section 56(2)(vi), sm exemptions r thr...
Read Section 56(2)(v) not 56(2)(vi).
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