Please refer to reply

/forum/gift-taxablitiy-114914.asp

gifts received whether in kind or case are taxable completely if the aggregate value exceeds Rs, 50000 in a financial year under income from other source subject to few exceptions....like gift from relative,on occasion of marriage,from trust or local authority or university or govt. or charritable inst. , on contemplation of death, by way of will or inheritence are not taxable...rest is taxable...

regards

Agree With Sneha..

EXHAUSTIVE TABLE FOR GIFT

(to be read for quick reference and exams revision )

# Relative here means—

               i.      spouse of the individual;

              ii.      brother or sister of the individual;

            iii.      brother or sister of the spouse of the individual;

            iv.      brother or sister of either of the parents of the individual;

              v.      any lineal ascendant or descendant of the individual;

            vi.      any lineal ascendant or descendant of the spouse of the individual;

           vii.      spouse of the person referred to in clauses (ii) to (vi).

*  other Property here means

(i)            Share and security

(ii)          Jewellery

(iii)         Drawing

(iv)        painting

(v)          Archaeological collection

(vi)        Sculptures

(vii)       Antique collection

(viii)     Any work of art

Excellent answer by Manmohan.

Regards,

Manoj

Dear Manmohan

thanks for Brief Explanation

 Manmohan answer is right

i agree with manmohan

i also agree with manmohan