IS THIS GIFT TAXABLE OF NOT?

Page no : 3

Aayush Kumar Agrawal (Chartered Accountants) (66 Points)
Replied 05 November 2009

I Think the same is taxable as the relationship specified by u is not covered by the act.

So if the amount exceeds 50000 it wud be taxable.

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kapil ((@ FINAL) (119 Points)
Replied 05 November 2009

urgent query

if the person has recd cash of rs40000 on1-10-08 from his friend x

and then he recives 20000from his friend y on 10-10-08?

then it is taxable ?if it wat will be the amt

kapil ((@ FINAL) (119 Points)
Replied 05 November 2009

if some one recieve 50000 from his friend is it taxable?

or wat it should exceed 50000?

kapil ((@ FINAL) (119 Points)
Replied 05 November 2009

if some one recieve 50000 from his friend is it taxable?

or wat it should exceed 50000?

Sunil (Trader) (2611 Points)
Replied 05 November 2009

Please friends, my assumption at all times was that Mrs X and Mrs Y are married to the same person and the three of them are of the same faith that allows Polygamy. If I am not mistaken, some faiths allow upto 4 wives co existing at a given time. In such cases, each wife is relative of other wife only if they are real sisters married to the same person. Otherwise they have to route transaction via husband and suffer two way clubbing. I think our law makers never thought of personal laws while framing our laws.

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Kashyap Joshi (Proprietor ) (260 Points)
Replied 07 November 2009

I think routing the gift through the husband is a good idea. The Income Tax Act dosent speak anything about two wives. I dont think that the A.O. should have any problem.

Some guy mentioned about the general clauses law. I searched the same on the net, but i found those seperate. for each state.

Secondly, there was no definition of relative.

Thirdly, since IT Act gives the definition of relative, so while computing taxable income, only definition as per IT Act should be kept in mind, since u cannot claim any benifit from some other act or law apart from IT Act, unless it mentions it specifically.