Taxability of gifts received by an assessee
Applicability: Individual and HUF Tax-ability: Any sum of money, aggregate value of which exceeds Rs.50,000, is received during the previous year without consideration, by an individual or a HUF from any person on or after 1/4/2006, then the whole of the aggregate of such sum will be taxable. Exceptions: Gifts received from the following persons […]
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