Section 56(2)(vi) provides that any sum of money, the aggregate value of which exceeds Rs. 50000/-, is received without consideration (i.e. gift), by an individual or a HUF, in any previous year from any person or persons on or after 1-4-06, the whole of the aggregate value of such sum will be chargeble to income tax in the assesment of receipient
{SOURCE: IT ready Reckoner A.Y 2008-09, pg 170 }
Now my query is tht if i give a gift in excess of Rs 50000/- will the entire sum or only the sum exceeding 50K will be taxable.
How do u interprete the term such sum in the act
Thanx in advance.
CAclubindia
