Question

Question:
In case the value of a gift is greater than 1000 Rs Can you accept the same​

Answer 1

Answer:

In case the value of a gift is greater than 1000 Rs, You can accept the same, and no need to pay taxes.

Explanation:

The first important guideline that everyone should be aware of is that if a present is given for up to Rs 50,000 in a calendar year, there is no tax due on the gift (cash or kind).  If, however, the total exceeds Rs. 50,000. Following that, you will be required to pay tax on the whole amount received (not additional). As an illustration, if a friend gives you Rs 1,000 in a given year, you are exempt from paying tax on that sum because it is less than Rs 50,000. Taxes are not due on gifts up to Rs 50,000 in a fiscal year. But if you get gifts that are greater than this sum, the full gift is taxed.

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