Other income in ITR
This query is : Resolved
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MOHD SHAHID
(Querist)
09 September 2020
hello, Business income u/s 44AD, 145000/- and Gifts (Other than blood relation) surrendered in ITR as other sources income 175000/-. Kindly suggest what will be the slab rate for other sources income 10% or 30%.
CA KARAN SINGH
(Expert)
09 September 2020
If gift is received during the course of business, then include the gift received as business income and declare income under a presumptive basis.
or if a gift is received otherwise, then it will be taxable according to the slab rate.
or if a gift is received otherwise, then it will be taxable according to the slab rate.
28 October 2021
10% only. The same will get rebate u/s. 87a.
MOHD SHAHID
(Querist)
28 October 2021
But Sir if All Gifts received in Cash, what will be the slab rate.
28 October 2021
No problem, gift is assessed u/h. IFOS, at slab rate.
Only lottery winning etc, is taxed at 30% flat.
Only lottery winning etc, is taxed at 30% flat.
MOHD SHAHID
(Querist)
28 October 2021
Thank You Sir my all doubts are cleared.
28 October 2021
My Pleasure.
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