Cash gift related

s nara vara prasad (ACCOUNTANT) (20 Points)

18 November 2016

whether cash gift can be accepted from kith and kin

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3 Replies

Vishal Varun (Student) (648 Points)
Replied 18 November 2016

upto 50000 in aggregate gift in cash or kind is not taxable from any one.

but in case of relatives (as per income tax) all the amount is exempt.

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 19 November 2016

Gift received for more than amount of Rs.50,000 is taxable.

But if the gift is received from relative than it is exempt.

Vishal Goel (Chartered Accountant) (1693 Points)
Replied 12 December 2016

Originally posted by : Vishal Varun
	upto 50000 in aggregate gift in cash or kind is not taxable from any one. but in case of relatives (as per income tax) all the amount is exempt.

Agree with Vishal

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