Taxability of gift

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Bhavesh (Querist)
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08 February 2013 An Individual/ HUF Assessee how much amount can receive gift from their relatives? Is their any maximum amount of gift? Please also suggest some case laws on gifts.

Can an Individual receive Rs 50 Lakhs in a PY as gift from his relatives? Also would their be any tax on such transaction? Please response in view of case laws and Legal Provisions

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)
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08 February 2013 Bhavesh Ji,

Don't get so possessive, Just take the Gift and enjoy. But make sure the donar comes under the meaning of Relative.

for further check Sec 56(2)(vi)

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