RE:Amount received by way of gift, etc - Section 10(39)
by Amitabh on Apr 29, 2007 04:50 AM Permalink
Gifts received on marriage are exempt without any limit irrespective of whether the donor is your relative or not.In other cases,gifts received from close relatives,as defined in the income tax law for this purpose,is exempt without any limit.Gifts received from non relatives,if received on occassions other than marriage,are fully taxable if the aggregate amount thereof excedds rs 50,000.I hope now you are very clear.For definition of relative,you can see the answer to a previous question.
