Gift to spouse of the deceased
This query is : Resolved
09 September 2012
Dear Sir/Madam,
One of my colleagues expired recently. I and some of my colleagues decided to pool about 10 lakhs and donate to the family of the deceased.
As I understand, this donation of 10 lakhs attracts the provisions of 56 of IT act and this sum gets taxable in the hands of the donee. Is there an efficient way of managing this donation so that the is not taxable?
Thanks
Navin
9849123920
One of my colleagues expired recently. I and some of my colleagues decided to pool about 10 lakhs and donate to the family of the deceased.
As I understand, this donation of 10 lakhs attracts the provisions of 56 of IT act and this sum gets taxable in the hands of the donee. Is there an efficient way of managing this donation so that the is not taxable?
Thanks
Navin
9849123920
09 September 2012
You can form a private trust for benefit for her family and donate the amount to trust.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
