15 June 2010
Gifts are exempted from India gift tax in the following cases: The gift was given by a blood relative, irrespective of the gift value.
Further there is express provision to consider a gift from unknown persons under clause VII of section 56 (2) of the I T Act . However the proviso to said section 56(2) provides certain exception under which section 56(2) is not applicable
15 June 2010
Any gift received by an individual on the occasion of his/her marriage would also not be taxable. It is customary to receive gifts of money and kind on the occasion of marriage.
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