Gift received upto rs. 50000/-

niranjan Shrivastwa (Querist) 30 March 2012 This query is : Resolved
Gift received by a individual upto Rs. 50000/- which will be exempt. but which under section. please tell me.

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Sailesh Kumar Shah (Expert) 30 March 2012
If any sum of money received without consideration, the aggregate of which less then rs.50000, then it is exempt under Section 56(2)(vii) of the Income Tax Act,1961.

Sankaranarayanan (Expert) 30 March 2012
No more answer you need mr shah given ready

V R SHROFF (Expert) 03 April 2012
Mr. Shah, does it mean, a man get gift from 10 diff persons , say 9k in different month, , he is bound to pay Tax on balance 40k, in a financial year??

And if his income is less than 1.5L, total, then total 90k will be exempted.

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