I just heard from my Boss that the exemption limit of Gift has been increased to Rs. 1 lakhs... Is it true?? I could not find any notification regarding the same on CCI. If there are any changes, please let me know or send me a link. Thanks.
6 Replies
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 30 July 2011
So far as i kno the limit is still Rs.50000
Shah Tarun
(Student)
(800 Points)
Replied 08 September 2011
Limit has not been revised. .How ever now gift it kind is also taxable. .
Ashvin Bhanderi
(ACCOUNTANT)
(59 Points)
Replied 10 September 2011
Sir ko 2 thappad laga do...
Wait for other reply...
Sunshine
(Helping All)
(10575 Points)
Replied 10 September 2011
50000 only...no revision till date...
Dhanesh
(Service)
(75 Points)
Replied 08 November 2011
There is no revision as far as my knowledge. the limit is still 50K. I have verified with Income Tax Act. There is no revision.
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