Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2018 I work in company and my income is 12 lakh rupee. I have received total 57000 Rs. INR from my all friends In FY -2017-18 and I have transferred 1 lkah INR Rs. to my all friends in FY2017. Do i have to pay tax on (12 lakh) or (12,57,000) or (12 lakh + 570000-100000= 11,57,000)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 April 2018 Tax on 12,00,000+7000 is payable. No tax 50,000 gift.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2018 But I have heard that if gift amount from friends is more than 50,000 then you will have to pay tax on whole amount. But my point is if I have taken money from my friends(Friend A, Friend B , Friend C) and given some money back to my friends ( Friend C, Friend D , Friend E) Then how one should calculate taxable income

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 April 2018 Tax payable on amount exceed 50000. Gift given can't be deducted from gift receipt.