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Query Details

Asked by namish on :Jun. 27, 2018

I received cash gifts from my friends on the occa…

I received cash gifts from my friends on the occasion of birthday. Though gifts received from any o…

I received cash gifts from my friends on the occasion of birthday. Though gifts received from any of my friend are not exceeding 50000. But total gift received exceeds 50000. Do I need to pay tax?

0

Jeeba Jun. 27, 2018

As per the tax, if the total value of money received during the year exceeds Rs 50000 then tax is applicable.

Though cash that you received from any of your friends is not more than the limit specified, total cash gift receive is more than 50000.

So you have to pay tax on gifts since total gift amount exceeds the threshold limit for the gift not chargeable to tax.

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