HOW MUCH GIFT IS EXWMPTED FROM TAX??
2 Replies
Pranjali
(intern)
(2216 Points)
Replied 25 September 2018
Gifts from employer beyond Rs. 5000 is taxable. But, for gifts from relatives, that limit is Rs.50,000. So anything beyond Rs. 50,000 is taxable, otherwise exempted.
Ashwin Kumar
(1234 Points)
Replied 25 September 2018
exempted upto rupees 50000, over and above will be taxed at a falt 30%. however if yoou recieve gift from persons mentioned in section 56(2)(vii) and (x) then whatever the amount be it is exempted.
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