what is the maximum amount of gifts ane can recieve out of love and affection that will not be taxable?
Balaji R K
(Salaried)
(158 Points)
Replied 16 July 2009
Rs.5000/- is the maximum limit. If the gift amount exceeds it is taxable in the hands of the person who gifted the money and not in the hands of the receipient.
regards
balaji
Hi Anupama,
U/s 56 gift is taxable as IFOS the max tax exemption is Rs. 50,000 any amount received during the year exceeding this then the entire amount including the 50,000 will be taxable but amount received from relative, on wedding, in contemplation of death, then entire amount is exempt with out any limit. You should better have a look of sec 56 for moere details.
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