gifts

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priyanshi (Querist)
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21 January 2009 hello...

I want to Ask whether there is any limitation on taking the gift by the proprietor or he can take the gift as many times as he wants during a F.Y under IT Act.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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21 January 2009 8.Any sum of money, the aggregate value of which exceeds Rs. 50,000/- received by an Individual or HUF from any person (s), in any previous year, except in the following cases:-
On the occasion of marriage of the individual
Under a Will or by way of Inheritance;
In contemplation of death of the payer;
Amount received from any local authority as defined in the explanation to clause (20) of section 10;
Amount received from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10 ;
Any amount received from any trust or institution registered u/s 12AA.
Any Relative, i.e., spouse of the individual, brother or sister of the individual, brother or sister of the spouse of the individual, brother or sister of either of the parents of the individual, any lineal ascendant or descendants of the individual, any lineal ascendants or descendants of the spouse of the individual, and spouse of the persons referred to herein before.