18 November 2016
A girl received gifts from her close friend as follows cash....40000, jewellery..... 45000 and laptop.....46000. Should all gift received aggregate to see the limit beyond 50K since gift is received from single person? or Should we treat each gift separately and no tax levy on it?
19 November 2016
Taxation of gifts in form of any asset other than immovable property (including cash) shall be aggregated and such aggregated amount needs to be compared with 50,000.
CAclubindia
