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Limit of Excemption for gift

rajesh HT B.Com.,PGDFM.,CA(F) (Article Assistant) (214 Points)

08 February 2008

what is the limit of excemption available for gift for the FY2007-2008, both cash and kind?

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M.Sriram Shenoy (CA Final) (814 Points)
Replied 08 February 2008

For Cash it is exempt upto Rs.50000.Beyond Rs.50000 it is fully taxable.For gift received in kind, it is fully exempt.

(Guest)

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

Ashish Ranpara (TAX CONSULTANT) (369 Points)
Replied 10 February 2008

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