Ny assessee recd gift rs. 52000.wat is the taxable amount
priyankagupta (article) (361 Points)
10 July 2018Ny assessee recd gift rs. 52000.wat is the taxable amount
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166333 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' ....
prasad Nilugal
( GST Practitioner & Accounts )
(14536 Points)
Replied 10 July 2018
If No relative then taxable above 50000/- , relatives means given as per Income tax act 1961
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 10 July 2018
Full amount Rs.52,000 /- is taxable as income from other source.
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 10 July 2018
Full amount Rs.52,000 /- is taxable as income from other source.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166333 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,— .........
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 10 July 2018
prasad Nilugal
( GST Practitioner & Accounts )
(14536 Points)
Replied 10 July 2018
I agree both sir and madam that full amount is taxable , however limit is 50000/-
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 10 July 2018
YES... FULL AMOUNT IS TAXABLE IF IT'S NOT UNDER RELATIVE DEFINITION.
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