I have received cash gifts of Rs. 85000/- on my anniversary from my friends. Is it taxable?
Greetings from Ssk Advisory. We are happy to resolve your query.
Please note, since you have received the cash gifts on your anniversary and from your friend, it is fully taxable as per Section 56(2)(x). Moreover, since the amount of cash gifts is more than Rs. 50,000, the entire amount of Rs. 85,000/- is taxable under the head "Income from Other Sources" in your tax return.
If you would have received the same on occasion of your marriage or from your relative it may not have been taxable.
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