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Guest

Guest (Querist)

03 August 2012 good afternoon sir ,
my freind is a salaried class person. he received 1 lakh rupees from his nri freind.who will paid tds and how much

aadish

aadish (Expert)
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03 August 2012 Plz explain what is nature of income rec eived ?

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Guest

Guest (Querist)

03 August 2012 IT IS GIFT AMOUNT

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Guest

Guest (Querist)

03 August 2012 WHAT HAPPEN SIR

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 August 2012 I Think This is Taxable in Hand of UR Friends Only....
TDS Doesnt Come Here.

Lets See What Other Experts Views ?

Guest

Guest (Querist)

03 August 2012 AND SIR RATE OF TDS ON LOAN U/S 195

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 August 2012 No TDS on Loan Even U/s 195.
195 Section Have Diffn Rate Depend on Transactions.
It May be
30%
20%
or Rate Prescribed in Act.

aadish

aadish (Expert)
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03 August 2012 Ya in my opinion also, ur freind has to pay tax on Rs. 1 Lacs and there is no TDS provision shall apply.

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Guest

Guest (Querist)

03 August 2012 but sir only for ganarally knowledge that cash rec. from nri relatives for help . than what tds deduct in this regard

aadish

aadish (Expert)
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03 August 2012 sir , as per sec 56, cash received is exempt upto 50000 p.a, if the amount received is more than 50000 then on whole amount tax shall be charged. but in your case amount is received from relative, so, it will be exempt. so dear ur freind dont have to pay tax on Rs. 1 Lacs.
Hope your query is resolved.

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Guest

Guest (Querist)

03 August 2012 yes sir i understand. but sir plz tell me supoosed this amount i received from my relative by cheque than. i will not show in my income .

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 August 2012 Cheque n Cash - Here No Difference.

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Guest

Guest (Querist)

03 August 2012 HOW MUCH TAX MY FRIEND WILL PAID ON 1 LAKH

aadish

aadish (Expert)
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03 August 2012 In whatever manner u receive, from relative it will be exempt.

Guest

Guest (Querist)

03 August 2012 SUPOOSE HE IS NOT MY RELATIVE THAN WHAT TAX HE WILL PAID . WHAT IS THE PERCENTAGE OF TDS

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CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 August 2012 i told u na no tds.
not relative then pay tax in slab.
whatever is applicable to him/her.
after adding to salary income.

Guest

Guest (Querist)

03 August 2012 MEANS SIR MY SALARY INCOME 3 LAKH
GIFT 1 LAKH.
THAN TOTAL SALRY-4 LAKH.
THAN TAX FOR THE A.Y 2012-2013
400000-180000=220000
220000*10.3/100=22600
SIR THIS IS RIGHT

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 August 2012 yes, this is rite

aadish

aadish (Expert)
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03 August 2012 no tax shall be caculated on Rs. 3 lacs

3-1.8=1.2 lacs and tax Rs. 12360

Guest

Guest (Querist)

03 August 2012 we received internet charges bill per month amt. is 16500.with service tax add.sir will i tds deduct in this bill. which section i will deduct tds.

Guest

Guest (Querist)

03 August 2012 but why sir

aadish

aadish (Expert)
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03 August 2012 u dont have a basic understanding of tax law...it seems , it is better for u to have recknor and study basic concepts.hope u dont mind..

Guest

Guest (Querist)

03 August 2012 sir 1 lakh is rec from freind not relative than i add this amount

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 August 2012 Yes, U R Rite.Tax is 22600/-.
since recd from frnd

Guest

Guest (Querist)

03 August 2012 reply sir why my calculation is wrong. sir we joined this site to gain knowledge .

aadish

aadish (Expert)
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04 August 2012 YAAR , ITS VERY BASIC THING IF RECEIVED FROM FREND THEN IT WILL ADD TO YOUR INCOME AND IF FROM RELATIVE, THEN IT SHALL NOT FORM PART OF YOUR INCOME.

Guest

Guest (Querist)

04 August 2012 IF WE TAKEN THIS AMOUNT AS LOAN THAN IT WILL TAXABLE OR NOT