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K. P.S

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

Replies (2)

Kapadia Pravin

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.

Shivam RC

Student

23688 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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