rajat bafna (2 Points)
11 July 2018i am little bit confused about these. Sending Birthday Greetings to our family, friends, partner or other important people in life is a very tough task because when we think to wish them through wishes only a single question arises in mind that how to wish them from which they feel a special person of the world in your life.
Akulasaipranith Patel
(3 Points)
Replied 11 July 2018
CA Pallav Singhania
(IT System Auditor)
(33362 Points)
Replied 11 July 2018
As per the IT Act, 1961, if the value of gifts received, is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.
However, this rule is not applicable if the gift is received from a relative.
These relatives are:
CAclubindia
