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Gift received

This query is : Resolved 
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(Querist)
29 April 2013 Dear experts,

i've received a FD maturity which is deposited 16 years ago in my name by my neighbour (where iam brought up). the deposit is now matured & i received rs.50000/-
is this gift taxable?
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CA Vikas Acharya

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CA Vikas Acharya (Expert)
29 April 2013 GIFT UPTO RS 50000 IS EXEMPT IN A FINANCIAL YEAR
BUT FOR 50001 THE WHOLE 50001 TAXABLE

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