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of <h1>Cash Gifts Exceeding Rs. 50,000 in Total Are Taxable Under Income Tax Regulations, Regardless of Individual Gift Amounts.</h1> An individual received multiple cash gifts from friends, each under Rs. 50,000, but the total exceeded Rs. 50,000 for the year. According to income tax regulations, if the aggregate value of gifts received by an individual or Hindu Undivided Family (HUF) during a year surpasses Rs. 50,000, the entire aggregate amount is subject to taxation. The tax is based on the total value of all gifts received, not on individual gift amounts.
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