WHAT IS THE MAXIMUM AMOUNT FOR WHICH TAX IS NOT APPLICABLE IF A PERSON GIVES A GIFT TO SOMEONE.
WHAT IS THE MAXIMUM AMOUNT FOR MONETARY AND NON-MONETARY GIFT.
seetaram kumar (CA Final (First Group Cleared)) (109 Points)
19 July 2008
WHAT IS THE MAXIMUM AMOUNT FOR WHICH TAX IS NOT APPLICABLE IF A PERSON GIVES A GIFT TO SOMEONE.
WHAT IS THE MAXIMUM AMOUNT FOR MONETARY AND NON-MONETARY GIFT.
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 19 July 2008
to the extent i know gift 4m relative is not taxable n 4m non relative gift received above Rs.50000/- is taxable
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 19 July 2008
RECEIPTS WITHOUT CONSIDERATION TO BE TREATED AS INCOME [SEC. 56(2)(vi)]
seetaram kumar
(CA Final (First Group Cleared))
(109 Points)
Replied 19 July 2008
Thanks for the early reply
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