Cash deposit of 51000 by my friend into my account and transferred to his account. What are the tax implications of this and will this be considered as gift. I'm a salaried individual with no tax liability.
Cash deposit of 51000 by my friend into my account and transferred to his account. What are the tax implications of this and will this be considered as gift. I'm a salaried individual with no tax liability.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3427 Points)
Replied 07 June 2024
Simply, such receipts may be treated as gifts, and gifts up to a sum of Rs 50,000 are exempt from gift tax. But if bigger amounts are transferred between friends, the entire amount will be subject to tax. If the receipts of your wallets or savings account are settlements of debts owed to you, you don't need to pay taxes on them
Jaspal Singh
(Practising CA)
(449 Points)
Replied 07 June 2024
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