TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income-tax Act Section 56: Gifts Over 25,000 Taxable Unless From Relatives, Weddings, Inheritance, or Payer's Death.</h1> Section 56 of the Income-tax Act is amended to include a new clause effective from April 1, 2005. This clause stipulates that any sum of money exceeding twenty-five thousand rupees received without consideration by an individual or a Hindu undivided family from any person on or after September 1, 2004, is taxable. Exceptions include sums received from relatives, on marriage occasions, under a will or inheritance, or in contemplation of the payer's death. The term 'relative' encompasses spouses, siblings, lineal ascendants or descendants, and their spouses, among others.
TaxTMI 
TaxTMI 
