tax implication in gift case

section56, upto amount of RS 50000 can receive without any tax, if it is in kind its value not exceed RS 50000.

Originally posted by : surendra
	Sir , i had want clarification that can an individual can take how much amount of gift at the time of opening of new enterprise or firm etc.. Please if possible suggest the sec if any. applicable to my question..

no limit for gifts received, provided u pay income tax on gifts received !!

exemption limit is 50000 u/s 56

Yes, I agree with  THE ANSWER given by Mr U S Sharma. 

( Nice Idea :  In this way a person can become a tax payer. He will not run the business.

In spite of this, in every financial year,  start a new business. But after reading Section 56, 

One may change his idea. Before starting business if he gets married then ..... he would have not to pay

any tax on the gifts received at the ocassion of marriage.)
 

@ PARAS SIR...................good idea sirji.................nice 1

Can individual give gift his Uncle liable for tax???

Yes, an Individual can give gift to his uncle without attracting uncle's tax liability.