Taxability of Amount Received in Bank Account
This query is : Resolved
31 January 2020
What is the Taxability in my case for the upcoming Assessment year 2020-21 where i have received Received Rs.7.5 Lakhs (Via NEFT) in my Personal Account from 4 of my Friends and the 5 lakhs has been withdrawn and handed over to them again as cash and 2 lakhs being spent on some other stuffs Randomly.
Will i have to pay Tax on the 7.5 lakhs Received from my Friends ?
Will i have to pay Tax on the 7.5 lakhs Received from my Friends ?
31 January 2020
It will be treated as gift and If in aggregate the gift amt exceeds rs 50000 than whole amt is taxable under head IFOS.
Hence whole 7.5 lack is taxable.
#paras_ahuja
Hence whole 7.5 lack is taxable.
#paras_ahuja
Message likes :
1 times
01 February 2020
If the consideration has been received in excess of Rs. 50000 from other than relatives it is taxable.in this case since received from friend , 7.5 lakhs is taxable.
Message likes :
1 times
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
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
