I just heard from my Boss that the exemption limit of Gift has been increased to Rs. 1 lakhs... Is it true?? I could not find any notification regarding the same on CCI. If there are any changes, please let me know or send me a link. Thanks.
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Query regarding revision of gift limit...
Replies (6)
So far as i kno the limit is still Rs.50000
Limit has not been revised. .How ever now gift it kind is also taxable. .
Sir ko 2 thappad laga do...
Wait for other reply...
50000 only...no revision till date...
There is no revision as far as my knowledge. the limit is still 50K. I have verified with Income Tax Act. There is no revision.
Thank you All...
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