Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 Friends

I have received gift sum rs. 58 thousand on birth day from diffrent people
will i get exemption of rs.50000 &
should i pay gift tax on rs. 8000 only

please guide

Ravikant

Ravikant (Expert)
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31 July 2012 You will have to pay tax on whole of Rs. 58000/- as Income from Other Sources (Uls.56 (2))

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 July 2012 The whole amount of Rs. 58,000 is taxable u/s 56(2)(vii).
There is NO exemption.

If the gift amount exceeds Rs. 50,000 the WHOLE amount is taxable and not the amount in excess of Rs. 50,000.

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