Gift as per income tax

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Anil Kumar (Querist)
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06 January 2009 dear sir i want to know that as per income tax who can give gift and how much amount of gift will be non taxable in hand of receiver of gift, is there any boundation of relation please describe it to me

thanks,

regards,
Anil kumar

M.No. 9971168839

Jitender

Jitender (Expert)
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06 January 2009 u can refer sec 56 for details.

Jairam

Jairam (Expert)
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06 January 2009 As per sec 56, a gift by way of Cash or cheque for an amount exceeding Rs 50,000 gets taxed in the hands of the receipent.

Exceptions
Gift given by relatives, for marriage, from local authority.

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