However, by
virtue of section 2(24)(xiii) r.w.s. 56(2)(v) after 1-9-2004, any sum of money exceeding Rs.
25,000 (Rs. 50,000 in respect of gifts received in or after 1.4.2006), received without
consideration by an individual or an HUF from any person is chargeable to tax as Income
under the head Other Sources, subject to following exceptions: [(a) Receipts from certain
relatives; as defined in the section]. (Refer Chart) [(b) Receipts on occasion of marriage of
the individual.] [(c) Receipts under a will or inheritance.] [(d) Receipts in contemplation of
death of the payer.]
Cost Inflation Index:- Cost inflation index (CII)as notified by Central Government alongwith analysis of the
same is as under:
Increase in CII and 75% Real inflation
FINANCIAL YEAR COST INFLATION INDEX of percentage of real % of CII Increase allowed / 3
inflation allowed X4
1981-1982 100
RAILAR NAGAR
MADURAI 625018
TAMILNADU, INDIA
Mobile: 93441-08096
Email: skfurnishings2000@yahoo.in
TIN: 33685024172