In normal course, where the aggregate value of gift received from non-relative exceeds Rs.50,000/-, the entire amount of gift would be taxable (& not merely an amount in excess of Rs. 50,000/-).
The gift received by any other nearest relatives to Taxpayee/Assessee is treated as gift from relatives and accordingly nothing would be taxable in the hand of Taxpayee on the amount so gifted by Relatives.
A word of Caution:
Any income arising from the assets transferred (which includes gift also) to Taxpayee/Assessee without adequate consideration is subjected to clubbing provision and is taxable in the hands of the transferor and not in the hands of transferee. [Section 64(1)(vi) of the Income Tax Act-1961].
The gift received by any other nearest relatives to Taxpayee/Assessee is treated as gift from relatives and accordingly nothing would be taxable in the hand of Taxpayee on the amount so gifted by Relatives.
A word of Caution:
Any income arising from the assets transferred (which includes gift also) to Taxpayee/Assessee without adequate consideration is subjected to clubbing provision and is taxable in the hands of the transferor and not in the hands of transferee. [Section 64(1)(vi) of the Income Tax Act-1961].
