Hi
someone has received 1.21 lakh gift by cheque in previous year by non relatives.
The gift was given by 3 different people as 45K,45K and 31K.
will it be recorded as non taxable as it is under 50K by each person or will it be taxable since it has crossed the limit of 50K by non relatives.
pls help
reply will be highly appreciated.
CAclubindia
