A Father received Gift of Rs.700000 in cash and Jewels worth Rs.1500000 from both relatives & friends on his daughter's Age Attending Function , How to treat under IT Act?.
Menu
Urgent- Regarding GIFT
Replies (1)
GIFT IS TAXABLE U/S 56(2)(iv) IF THE AMOUNT OF GIFT EXCEEDS RS. 50,000/-
REFER PARA NO. 77.3 OF V. K. SINGHANIA'S DIRECT TAX READY RECKNOR
EXCEPTION: Money/Property received from a relative.
Recent Threads
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
Related Threads
CAclubindia
