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gift

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(Querist)
24 February 2009 Dear Sir,

I am getting a gift from 3rd party (not blood relation) of Rs. 10.00 lac is it taxable, what is examtion limit.
what is its proceezer.

what is it's rule pls, describe


Harish
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CA.MANOJ LAMBA

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CA.MANOJ LAMBA (Expert)
24 February 2009 gift from other than relatives in excess of rs.50000/-in a year are taxable in the hands of receiptant.
thanks
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CA Chaitanya

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CA Chaitanya (Expert)
24 February 2009 Fully taxable.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 February 2009 For full details pl refer section 56 of The Income Tax Act,1961.
website-www.incometaxindia.gov.in
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
24 February 2009 Gift in cash is taxable, but gifts in kind is not taxable.

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