Cash gift
This query is : Resolved
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
(Expert)
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.
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
(Expert)
14 August 2014
you cannot give the gift agst the gift.
both are taxable in hand of receiver under
income from other sources.
both are taxable in hand of receiver under
income from other sources.
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