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An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?

FAQs on Gifts received by an individual or HUF

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Gift aggregation rule: cash gifts totalling above the statutory annual threshold are taxable when received without consideration.
Sum of money received by an individual or HUF without consideration is taxable if the aggregate value of such receipts during the year exceeds the ... Summary

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Income Tax - Frequently Asked Questions (FAQs)

Income Tax - Frequently Asked Questions (FAQs)

An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?

FAQs on Gifts received by an individual or HUF

Gift aggregation rule: cash gifts totalling above the statutory annual threshold are taxable when received without consideration.

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Income Tax - Frequently Asked Questions (FAQs)

Income Tax - Frequently Asked Questions (FAQs)

An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?

FAQs on Gifts received by an individual or HUF

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Gift aggregation rule: cash gifts totalling above the statutory annual threshold are taxable when received without consideration.

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