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Casual receipt

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(Querist)
12 June 2008 What is the meaning of a casual receipt?
Explain on the taxability/exemption in respect of the same.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 April 2012 Casual receipt is one which is received without making any efforts and is not likely to occur in future, for instance gifts.

Such receipt is taxable under the head Income from Other Sources.

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