02 February 2008
Sir, I am having following doubts regarding gift tax. Kindly clarify.
1. Gift exceeding rs 25000 from non relatives is taxable
a. whether entire amount is taxable or amount exceeding Rs 25oo is taxable. b. If gifts are received from two or more persons and all of them are less than 25000 individually,and exceeding Rs 25000 in total. Then how it is taxed. c. Is it applicable to cash only or gift received in kind.
02 February 2008
it you received gift from you relatives then it is not taxable u/s 56(2) if you received gift from any other person then it is not taxable if it is less than rs.25000/- if gift is in excess of rs.25000/- then whole of amount is taxable there is no basic esxemption in this section it is your icome from other sources and it is as a regular income of you
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