50000 is taxable on your hand.
Whenever you get the gifts please apply the relations in the above list to ascertain whether you are liable to pay any tax for the received gift.
The important point to be noted in this regard is the "aggregate value of gmc manufacturer rebates such sum received during the year".
To remove any confusion regarding the classification of Relatives, the Income Tax Act has very clearly laid down that in case of Individuals, only the following would be treated as relative for the purpose of claiming exemption from payment.Likewise, all gifts under a Will, and all amounts received on the death of a person as a part of the inheritance are fully exempt from income tax.You may consult a lawyer for the documentation with respect to the gift transaction.It may be noted that since a Hindu Undivided Family can't have relatives, any gifts received by it in excess.Special Tax Exempt gifts, the following list of gifts are fully exempted from Tax whether the it is received as Cash, or any other form of the material doesnt affect the exemption.Property received by a HUF from its members.SO IN that case, will this gift CAN BE treated AS TAX free gift OR SHE HAS TO PAY TAX ON these receipts.I clearly ask for the Gift benefit on 150,000.00 Rupees and he confirmed that this will be tax free.Gifts received from Relatives, gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts.
This rule applies contractor rewards redeem when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which is value more than the.50000.
50 discount in CA Final, ipcc,Inter, Foundation subjects for Nov18 Exams- Coupon Code : exam50.However, in the following cases gift of immovable property will not be charged to tax.Gift received only on the occasion of marriage of the individual is not charged to tax.(C) All rights reserved, more Specials.In such a case, gift tax would be levied on the aggregate figure.e.The money is received from a relative, which includes, among others, any lineal ascendant or descendant of the individual is fully tax exempt on your hand.Under the provisions of Section 56(2 vi) certain gifts are liable to income tax as "income from other sources".However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs).