Dear Experts,
U/s 56(2)(vii) Aggregate Gift which exceeds Rs. 50,000, the whole is taxable !...............than
If Amit received following gifts in F.Y. 2013-14, what is taxable in his hands :-
(1) Cheque of Rs. 50,000/- on dt. 01/07/2013 as gift from relative (not covered in relative list).
(2) Cash of Rs. 1,000/- on dt. 02/07/2013 as gift from relative (not covered in relative list).
(3) Cash of Rs. 35,000/- on dt. 03/07/2013 as gift from relative (not covered in relative list).
Also tell us if this sequence is reversed, i.e. if Amit received following gifts in F.Y. 2013-14, what is taxable in his hands :-
(1) Cash of Rs. 35,000/- on dt. 01/07/2013 as gift from relative (not covered in relative list).
(2) Cash of Rs. 1,000/- on dt. 02/07/2013 as gift from relative (not covered in relative list).
(3) Cheque of Rs. 50,000/- on dt. 03/07/2013 as gift from relative (not covered in relative list).
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