Gift limit in year f.y. 2016-17

28 February 2018

dear sir
kindly advice me if gift received from son and daughter by cheque payment and the aggregate amount more than 50000 is taxable for person?

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6 Replies

CA Urvi Gandhi (.) (347 Points)
Replied 28 February 2018

No
Gift from relative is not taxable

1 Like

pankaj (a) (1262 Points)
Replied 28 February 2018

gift received from relative not taxable even more than rs. 50000.

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Sumit Kumar (71 Points)
Replied 28 February 2018

if gift is not related to relative person can this taxble what of rate of tax and which had of income

1 Like

A.B.RAJ (FINANCE PRACTIONER ) (250 Points)
Replied 28 February 2018

not taxable in the case of relative whether 50000 or more by cheque or cash

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A.B.RAJ (FINANCE PRACTIONER ) (250 Points)
Replied 28 February 2018

if gift received from non relative then upto 50000 as whole not taxable...if exced then whole will be taxed in ifos head @ the slab rate applicable

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Sumit Kumar (71 Points)
Replied 28 February 2018

thanks

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