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Could not understand your question with reference to class of gift? Can you please elaborate your query

Is the limit of Rs.50000 w.r.t. gift available as an overall limit For all class of gifts like cash;Immovable property etc or is differently available

Differently available for each. 50000 each for cash, movable property and immovable property

Limit for cash, movable and immovable property is seperate. But in case of cash or money gift received from all persons has to be taken.

I agree with Nehal and Karthik that limit of cash or money gift, movable property and immovable property are to be separately considered. 

However there are 7 exceptions/ you can say clause of 56(2)(vii) will not apply where any sum of money or property recd 

  (a) from any relative; or

  (b) on the occasion of the marriage of the individual; or

  (c) under a will or by way of inheritance; or

  (d) in contemplation of death of the payer or donor, as the case may be; or

  (e) from any local authority as defined in the Explanation to clause (20) of section 10; or

  (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or

  (g) from any trust or institution registered under section 12AA.

@ Karthik

I could not understand your meaning with reference to this statement

"But in case of cash or money gift received from all persons has to be taken."

What are you pointing out at? Please explain it. Did you mean by not considering 7 exceptions as stated above. 

I mean I m confused as to what it was meant for. 

 

Rs 50000 is a limit counted seperatley for every person

Sorry. Let me correct the aggregate amount of value if exceed rs 50000, then taxable.

For example.. Cash gift received from A Rs 21000, from B Rs 15000 and from C Rs 15000..None of A, B and C are relatives. In this case taxable amount is 51000 as it exceeds the limit of 50000. But if C isca relative then nothing would be taxable as gift from relatives are not taxable and hence the relevant amount is 21000 from A and 15000 from B in total 36000 which is less than 50000 Hope this is crystal clear to clear your doubt.

Yes I agree with Ajay. 

But I guess the question asked by tejas was not wrt this thing. It was whether 50000 limit was to be seperately applied to each case or not i.e- cash, movable property, immovable property

And if you people are replying to my query that was asked to karthik, then my question was wrt why there was an exception given to all persons in cash only. I mean what did he mean by all persons there. Then what will be the case of movable property and immovable property

Thank You all for ua reply...