Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2012
Friends
I have received gift sum rs. 58 thousand on birth day from diffrent people
will i get exemption of rs.50000 &
should i pay gift tax on rs. 8000 only
please guide
I have received gift sum rs. 58 thousand on birth day from diffrent people
will i get exemption of rs.50000 &
should i pay gift tax on rs. 8000 only
please guide
31 July 2012
You will have to pay tax on whole of Rs. 58000/- as Income from Other Sources (Uls.56 (2))
31 July 2012
The whole amount of Rs. 58,000 is taxable u/s 56(2)(vii).
There is NO exemption.
If the gift amount exceeds Rs. 50,000 the WHOLE amount is taxable and not the amount in excess of Rs. 50,000.
There is NO exemption.
If the gift amount exceeds Rs. 50,000 the WHOLE amount is taxable and not the amount in excess of Rs. 50,000.
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
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
