gift income
Rekha Bisht (64 Points)
28 August 2018
amount received by relative by way of gift..........need to be report in ITR?
7 Replies
(Guest)
If you receive the sum of money worth more than Rs.50000, you are liable to pay the tax on the aggregate amount (that is, total amount received). This rule applies when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which is value more than the Rs.50000.
Sunil Suni
(94 Points)
Replied 29 August 2018
in my opinion gift whether in cash or kind from relative is always exempt , however gift in cash from non relative is taxable if exceeds 50000
Sunil Suni
(94 Points)
Replied 29 August 2018
please refer exceptions to section 56(2)X of income tax act 1961 (amended)
Recent Topics
- Nznxnc call me at the end of the day of the
- Cp chod doob zoom vo book book
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
Related Threads
CAclubindia
