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Query: What is aggregate value of gifts for taxability

Category: Income Tax

Answer: If an Individual or HUF receives monetary gifts aggregate value of which in a financial year exceeds Rs. 50000, these monetary gifts will be chargeable to tax. “Aggregate value” here means total sum of money received as gift from all the eligible persons during a financial year. In case the aggregate value exceeds 50000, the entire amount is taxable.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 354



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