19 October 2008
I suppose that the gift is received not on the occasion of your marriage. If so it is your taxable income u/s 56 (v) of the incometax act,1961. If you have no other income in fin.yr 2008-09 you need not pay tax since basic exemption limit is Rs.1.8 lakhs.(hope you are female,seems by name, and not a senior citizen)
23 October 2008
Hi As per IT any gift received exceeds 50000 in cash under certain circumsttnaces (see IT provs)will be taxable except received from relative. gifts in kind not taxable.
in your case you hav recd from ur fd who is nt a relative will be taxed as Income from other sources at 30% on total amount....
CAclubindia
