November 15, 2008

Income Tax Provisions regarding Gift:in India

An individual or HUF Assessee is not liable to pay income tax on gift received from relative. Gift received in the form of money from a unrelative(s) in a financial year is also not taxable if the total amount received does not exceed Rs. 50,000/-. If gift received from unrelative exceeds Rs. 50,000/- the whole amount received is taxable.

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