hello friends, i am a little bit confused on the following point please help. read carefully.
as we know if a person receive sum of money as gift exceeding Rs.50000 in a financial year then the whole sum of money so received will be taxable. for example:: receiving 25000 and 26000 from two friends on birthday. the whole 51000 will be taxable.
now suppose both the above friends give their shares worth Rs. 25000 and Rs.26000 on birthday. whether the sum Rs. 51000 in whole be taxable or both gifts of shares would be exempt as market value of neither of them exceeds Rs. 50000 individually????????
Cash Gifts received from Non Relatives upto 30th September, 2009 are governed by Section 56(2)(vi).The sectional Limit upto which gifts are exempt is
CAclubindia
