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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?

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....ent in such a case?<br>FAQs on Gifts received by an individual or HUF - Income Tax - Frequently Asked Questions (FAQs)<br>Income Tax<br>Ans. Sum of money received without consideration by an individua....

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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?