Computer Science, asked by syedrohit55, 7 months ago

in case the value of a gift is greater than 1000 Rs can you accept the same

Answers

Answered by sunakat483

6

Answer:

Gifts up to Rs 50,000 in a financial year are exempt from tax. However if you receive gifts higher than this amount, the entire gift becomes taxable. For example, if you receive Rs 75,000 as a gift from your friend, the entire amount of Rs 75,000 would be added to your income and taxed at your slab rate.

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