40000/- rupees each cash has been received as gift from relative and non relative. whether total amount 80000/- is taxable ?
whether gift deed of the same is compulsory or voluntary ?
if the same amount is received in next year also then what is the taxability ??
When you read the main section 56(2)(x) then it tells if any person receives Any sum of money AGGREGATE OF WHICH exceeds Rs. 50,000/- then whole of such sum shall be Taxable.
NOTE- Here AGGREGATE means if you have received cash from more than one person it would be AGGREGATED and then limit of Rs. 50,000/- shall be seen.
Now, If you read Proviso to section 56(2)(x) CAREFULLY it start like this ;
Provided that NOTHING CONTAINED IN THIS CLAUSE SHALL APPLY to any sum of money or property received from........ Relative (inter alia)
Which means that if you receive any amount from Relatives (inter alia) the whole clause i.e 56(2)(x) would not be applicable on that ALTOGETHER. Therefore No question of Adding that to limit of calculation of AGGREGATE Rs. 50,000/-.
Gift Deed Compulsory?
No, it's not obligatory but if your case got scrutinized someday then it may be a big trouble for you to prove before AO. And now cash credit tax & penalty etc. u/s 115BBE comes to around 85%.i.e almost all your money gone and higher chances that your case will scrutinized in near future as well.
Therefore, to avoid so much so much of trouble it's so easy to entered a Gift Deed.
Your Next Point; Same amount is received next year as well then same treatment as above.
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