Need clarity about the Gift Exemption & Perqsusites. An exemption is allowed till Rs.4999/- if the amount exceeds more than Rs. 4999/-, the whole amount is taxable.
Example - Gift Value is Rs.6000/- then the whole amount is taxable.
One of the client asking for Rs.4999/- will be exempted and the remaining amount should be treated as taxable. Please confirm if this statement is correct.