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Income tax

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(Querist)
19 August 2011 Is it any rule in income tax that we can not receive gift more than 50000 from non relatives.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 August 2011 No prohibition as such. But if exceeds, income tax has to be paid by the donee.
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CA Amit Joshi

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CA Amit Joshi (Expert)
19 August 2011 You can't receive gift from non relative for more than Rs. 50,000 in cash.
It means you can receive gift for any amount from non relative but it shound not be in cash, you can take it through bank.
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