20 January 2013
NO LIMIT FOR CASH GIFTS TO RELATIVES- EXCEPT THAT THE AMOUNT GIFTED SHOULD BELONG TO THE DONOR. . IN CASE OF GIFTS RECEIVABLE FROM NON RELATIVE UPTO 50000/- IN AGGREGATE , THERE IS NO TAXABILITY. . IN CASE AMOUNT RECEIVED AS GIFTS FROM NON RELATIVES IS 50001 OR MORE THE SUM SO RECEIVED WILL BE TREATED ENTIRELY AS A TAXABLE INCOME OF THE RECIPIENT & IS TAXED UNDER THE HEAD IFOS. .
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