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34 Points Posted on 27 August 2019
If a family is celebrates 60th marriage day nd get gift from relatives 2l nd from friend 60k,, what is taxable
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On 27 August 2019 at 21:52 Report
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17264 Points Posted on 27 August 2019
From relatives it's fully Exempt

From friends it's taxable full 60000/-

Note that aggregate gift from friends is exempt upto 50000/-.
However when it exceeds 50000/- the full amount of gift is taxable in the hands of receiver and to be included in other sources of income.
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On 27 August 2019 at 22:10
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23693 Points Posted on 27 August 2019
Gifts received from Relatives is Fully EXEMPTED.

From Friends, it is Taxable u/s 56(2)(x) of the Income Tax Act 1961 since it exceeds Rs. 50,000.

Hence Rs. 60,000 is Taxable under OTHER SOURCES.
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On 27 August 2019 at 22:59


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