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Limit of Excemption for gift

rajesh HT B.Com.,PGDFM.,CA(F) (Article Assistant) (214 Points)

08 February 2008

what is the limit of excemption available for gift for the FY2007-2008, both cash and kind?

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M.Sriram Shenoy (CA Final) (814 Points)
Replied 08 February 2008

For Cash it is exempt upto Rs.50000.Beyond Rs.50000 it is fully taxable.For gift received in kind, it is fully exempt.

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(Guest)

if gift received from relatives it is fully exempt whether in cash or kind and if received from other than relative in cash upto 50000 it is exempt & and in kind ,fully exempt

Ashish Ranpara (TAX CONSULTANT) (369 Points)
Replied 10 February 2008

GIFT RECEIVED FROM RELATIVE IS FULLY EXEMPT [RELATIVE MEAN BLOOD RELATION] OTHER THAN RELATIVE IT IS EXEMPT UP TO 50000/- IN CASH OR KIND IT IT IS EXCEED RS 50000/- THAN FULLY TAXABLE