As per Section 56 of the Income Tax Act, any monetary gift received by an individual is taxable if the aggregate sum of money received during the year exceeds ₹50,000.
Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.