14 June 2020
The wife had received donations and gifts(not from the close relatives) in connection with the medical treatment of her husband. All amount received as donations and gifts was spent for the medical treatment of her husband. Kindly explain the tax liability on the amount received as donations and gifts.
14 June 2020
If an individual/Huf receives from any person or persons any gift, exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF under section 56. The gift can be the following:
Gift Any sum of money (without Consideration) :–
if the aggregate amount of money received in any previous year is more than Rs 50,000, the entire amount received shall be taxable as income from other source
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