Man can't be taxed for Rs 20 lakh gift from NRI brother: ITAT

Under the Income-Tax Act, gifts exceeding Rs 50,000 are generally taxed as 'income from other sources' at the applicable slab rate, in the hands of the recipient. However, there are several exemptions that do exist: Gifts received from relatives, on the occasion of marriage, or through a will or inheritance are not taxed.
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