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? https://www.taxtmi.com/manuals?id=4114 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 applicable annual threshold; taxability is based on the total of all such gifts in the year, not on each individual gift, and the aggregate value is chargeable to tax. en-us Mon, 25 Dec 2023 12:39:00 +0530 Mon, 25 Dec 2023 12:39:00 +0530 TaxTMI RSS Generator 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? https://www.taxtmi.com/manuals?id=4114 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 applicable annual threshold; taxability is based on the total of all such gifts in the year, not on each individual gift, and the aggregate value is chargeable to tax. Manuals Income Tax Mon, 25 Dec 2023 12:39:00 +0530 https://www.taxtmi.com/manuals?id=4114