Taxability of Amount Received in Bank Account

This query is : Resolved

Jeeva (Querist)
Follow

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i have received Received Rs.7.5 Lakhs (Via NEFT) in my Personal Account from 4 of my Friends and the 5 lakhs has been withdrawn and handed over to them again as cash and 2 lakhs being spent on some other stuffs Randomly.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 ?

CA Paras Ahuja

CA Paras Ahuja (Expert)
Follow

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

Message likes : 1 times

Ca Neha Jain

Ca Neha Jain (Expert)
Follow

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

Upgrade to CAclubindia Pro. Subscribe Now!