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Query: Are monetary gifts chargeable to tax in excess of Rs.50,000

Category: Income Tax

Answer: Monetary gifts received by an Individual or HUF is exempt only if the aggregate amount of gifted money in a financial year does not exceed Rs. 50000. But if it exceeds Rs. 50000, there is no exemption and the full amount is chargeable to tax. For example, if Ram receives Rs. 90000 from his friend in a year, then the full amount of Rs. 90000 will be chargeable as other income of Ram.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 411



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