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| This query is : Resolved
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RAJIV
( Author )
03 August 2012
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good afternoon sir ,
my freind is a salaried class person. he received 1 lakh rupees from his nri freind.who will paid tds and how much
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aadish
( Expert )
03 August 2012
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Plz explain what is nature of income rec eived ?
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RAJIV
( Author )
03 August 2012
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IT IS GIFT AMOUNT
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RAJIV
( Author )
03 August 2012
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WHAT HAPPEN SIR
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CA AYUSH AGRAWAL
( Expert )
03 August 2012
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I Think This is Taxable in Hand of UR Friends Only....
TDS Doesnt Come Here.
Lets See What Other Experts Views ?
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RAJIV
( Author )
03 August 2012
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AND SIR RATE OF TDS ON LOAN U/S 195
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CA AYUSH AGRAWAL
( Expert )
03 August 2012
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No TDS on Loan Even U/s 195.
195 Section Have Diffn Rate Depend on Transactions.
It May be
30%
20%
or Rate Prescribed in Act.
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aadish
( Expert )
03 August 2012
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Ya in my opinion also, ur freind has to pay tax on Rs. 1 Lacs and there is no TDS provision shall apply.
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RAJIV
( Author )
03 August 2012
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but sir only for ganarally knowledge that cash rec. from nri relatives for help . than what tds deduct in this regard
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aadish
( Expert )
03 August 2012
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sir , as per sec 56, cash received is exempt upto 50000 p.a, if the amount received is more than 50000 then on whole amount tax shall be charged. but in your case amount is received from relative, so, it will be exempt. so dear ur freind dont have to pay tax on Rs. 1 Lacs.
Hope your query is resolved.
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RAJIV
( Author )
03 August 2012
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yes sir i understand. but sir plz tell me supoosed this amount i received from my relative by cheque than. i will not show in my income .
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CA AYUSH AGRAWAL
( Expert )
03 August 2012
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Cheque n Cash - Here No Difference.
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RAJIV
( Author )
03 August 2012
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HOW MUCH TAX MY FRIEND WILL PAID ON 1 LAKH
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aadish
( Expert )
03 August 2012
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In whatever manner u receive, from relative it will be exempt.
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RAJIV
( Author )
03 August 2012
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SUPOOSE HE IS NOT MY RELATIVE THAN WHAT TAX HE WILL PAID . WHAT IS THE PERCENTAGE OF TDS
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CA AYUSH AGRAWAL
( Expert )
03 August 2012
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i told u na no tds.
not relative then pay tax in slab.
whatever is applicable to him/her.
after adding to salary income.
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RAJIV
( Author )
03 August 2012
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MEANS SIR MY SALARY INCOME 3 LAKH
GIFT 1 LAKH.
THAN TOTAL SALRY-4 LAKH.
THAN TAX FOR THE A.Y 2012-2013
400000-180000=220000
220000*10.3/100=22600
SIR THIS IS RIGHT
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CA AYUSH AGRAWAL
( Expert )
03 August 2012
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yes, this is rite
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aadish
( Expert )
03 August 2012
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no tax shall be caculated on Rs. 3 lacs
3-1.8=1.2 lacs and tax Rs. 12360
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RAJIV
( Author )
03 August 2012
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we received internet charges bill per month amt. is 16500.with service tax add.sir will i tds deduct in this bill. which section i will deduct tds.
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RAJIV
( Author )
03 August 2012
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but why sir
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aadish
( Expert )
03 August 2012
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u dont have a basic understanding of tax law...it seems , it is better for u to have recknor and study basic concepts.hope u dont mind..
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RAJIV
( Author )
03 August 2012
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sir 1 lakh is rec from freind not relative than i add this amount
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CA AYUSH AGRAWAL
( Expert )
03 August 2012
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Yes, U R Rite.Tax is 22600/-.
since recd from frnd
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RAJIV
( Author )
03 August 2012
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reply sir why my calculation is wrong. sir we joined this site to gain knowledge .
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aadish
( Expert )
04 August 2012
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YAAR , ITS VERY BASIC THING IF RECEIVED FROM FREND THEN IT WILL ADD TO YOUR INCOME AND IF FROM RELATIVE, THEN IT SHALL NOT FORM PART OF YOUR INCOME.
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RAJIV
( Author )
04 August 2012
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IF WE TAKEN THIS AMOUNT AS LOAN THAN IT WILL TAXABLE OR NOT
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CA Sumeet Nagpal
( Expert )
07 August 2012
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If it is loan, then no TDS
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RAJIV
( Author )
07 August 2012
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no sit it is not loan amount. you can say that this is gift / helping amount rec. fromm friend. reply sir
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CA Sumeet Nagpal
( Expert )
07 August 2012
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Then also no TDS
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RAJIV
( Author )
08 August 2012
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but sir it will be add in my salary income
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