IS THERE ANY AMMENDMENT RELATED TO GIFT RECD FROM 01/10/2009
IT IS WRITTEN IN NEW MODULE OF IPCC AT PAGE NO 1.20 THAT THE 50000 LIMIT IS APPLICABLE ONLY UPTO 01/10/2009
THANKS IN ADVANCE
1 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 16 August 2010
HI DEAR,
NO, TILL NOW, THE LIMIT IS RS.50,000 ONLY. FINANCE ACT HAS ONLY INTRODECES NEW SECTION 56 (2) (vii) FOR TAXABILITY OF GIFTS IN KINDS EITHER MOVABLE OR IMMOVABLE ON THE SAME GROUNDS AS THAT OF SEC 56(2)(vi).
REGARDS,
MANOJ
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