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Gift received

priyankagupta (article) (361 Points)

10 July 2018

Ny assessee recd gift rs. 52000.wat is the taxable amount

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178179 Points)
Replied 10 July 2018

If from 'relative' as per sec .56(2) of I T act, its tax exempt.

But otherwise, full amount is taxable under 'IFOS' ....

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prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 10 July 2018

If No relative then taxable above 50000/- , relatives means given as per Income tax act 1961

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Anjali P Nair (ACA,ACMA) (582 Points)
Replied 10 July 2018

Full amount Rs.52,000 /- is taxable as income from other source.

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Anjali P Nair (ACA,ACMA) (582 Points)
Replied 10 July 2018

Full amount Rs.52,000 /- is taxable as income from other source.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178179 Points)
Replied 10 July 2018

Extract of section 56(2)(x) of I T act..........

56(2)[(x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,—

(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;

(b) any immovable property,— .........

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 10 July 2018

Yes... I agreed to Mr Dhirajlal Rambhia Sir and Anjali P Nair.,

If it's not from Relatives as per sec 56(2) of Income Tax Act then The Full amount is Taxable...

3 Like