Cash gift

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akash (Querist)
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13 August 2014 is cash received rs 300000 from a non relative as a gift and rs 100000 paid against that gift consideration is the gift received is taxable or not since a consideration is paid against that

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 August 2014 how do you pay consideration against a cash gift?

in my opinion, both transactions would be looked as independent of each other unless you wish to suggest that Rs 1 lakh was returned.

In any case the amount received shall be taxed as income from other sources.

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Rupesh Jain

Rupesh Jain (Expert)
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14 August 2014 you cannot give the gift agst the gift.
both are taxable in hand of receiver under
income from other sources.

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