Tax payment on Monetary Gifts
Are Monetary Gifts Received By An Individual Or Hindu Undivided Family (huf) Liable To Tax?
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If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax. Sum of money received without consideration. The aggregate value of such sum of money received during the year exceeds Rs. 50,000.
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