as per sec 56 2 X money aggregate fy if exceeds 50000 is taxable..
is this limit applicable to both relatives and non relatives
2 Replies
Shruti inani
(Student)
(117 Points)
Replied 02 September 2019
in relatives , any amount is exempt while in non relative this limit is applicable
my channel
(CA inter student)
(219 Points)
Replied 03 September 2019
Gift to relatives are exempt and therefore 56(2)(x) not applicable.
If money aggregate exceeds 50000 , it is covered u/s 56(2)
If money aggregate exceeds 50000 , it is covered u/s 56(2)
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