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Dear sir, i have some friends in many countries , some of them send me some cash gift me in this financial year, i already get around rs. 45000, via bank transfer, and all of my friends are non indian. so please guide me upto what limit i can get cash gift from them, and what is my tax liability will be ? asked Oct 20 '12 at 20:12 by amitrishikesh 1●1 |
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If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value. Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles. answered Oct 21 '12 at 22:16 by Pankaj Batra 5.2k●3●20 |