19 July 2011
AS PER SECTION 115BB SUCH TYPE OF INCOME ARE TO BE TAXED AT A FLAT RATE OF 30 PERCENT U HAVE NOT DISCLOSED OTHER INCOME DETAILS OF THE ASSESSEE SO A SUITABLE REPLY CANNOT BE GIVEN
19 July 2011
The TDS shall not be refunded in any case. However, you need to file return of income showing the details of gift received and the tax thereon @ 30%. But you need to pay education cess on the same as TDS in only for basic amount.
CAclubindia
