09 January 2008
Gifts from the relatives are exempy irrespective of the amount. Non relatives is not chargeable to tax if it does not exceed Rs. 25000/-. Once exceeds this limit , it shall be added to Income of the assessee
09 January 2008
Gift in the form of a sum of money from a relative is not taxable if it is from a relative listed in Explanation to clause (v) of subsection (2) of section 56. Even in the case of non-relative if the sum of money is within twentyfive thousand it is not taxable. Further if cash received on any of the circumstances mentioned in the section like marriage, inheritance etc. it is not taxable.
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