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If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

FAQs on Gifts received by an individual or HUF

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Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable.
If the aggregate value of monetary gifts received by an individual or HUF during a year exceeds Rs. 50,000, the aggregate value of such sums received ... Summary

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Income Tax - Frequently Asked Questions (FAQs)

Income Tax - Frequently Asked Questions (FAQs)

If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

FAQs on Gifts received by an individual or HUF

Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable.

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Income Tax - Frequently Asked Questions (FAQs)

Income Tax - Frequently Asked Questions (FAQs)

If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?

FAQs on Gifts received by an individual or HUF

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Taxation of gifts: once aggregate monetary gifts in a year exceed the threshold, the entire aggregate is taxable.

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