Would there be any tax on cash gift received above Rs 50000/- on 25th wedding aniversary from friends and relatives ?
Tax on gift received on 25th marriage aniversary
Replies (8)
below 50000/- not tax .
after 50000/- it is taxable.
Hello,
Gift received from relatives are exempted. but gift received from friends are taxable in excess of Rs -50000/-.
Right.
Above 50000 you are liable for tax in the head of IFOS
Right.
Above 50000 you are liable for tax in the head of IFOS
Gift received from realities is exempted from tax.....above 50000 is taxable
Gift received from non realtives (friends) is taxable
If received from relative as defined u/s56 is not taxable, otherwise taxable
If received from relative as defined u/s56 is not taxable, otherwise taxable
Agree with vinodkumar
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