Cash Gift Received

This query is : Resolved

NEERAJ KUMAR AGARWAL (Querist)
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19 May 2008 Gift received in cash and income tax has been paid on that. Whether any consiquence in Income Tax can be there

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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19 May 2008 If you have pai tax what is your problem?

Vinod

Vinod (Expert)
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19 May 2008 You need to show the same in your ITR and also inform about the tax paid in it.

Shekar

Shekar (Expert)
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19 May 2008 Hi..

If gift was recieved for any apecial occasion from anyone..then it is not taxable...otherwise if the (cash)gift is recieved in any other time from other than relatives and if the amount exceeds Rs.50000..it is taxable..

Gift recieved in kind is not Taxable..

R.V.RAO

R.V.RAO (Expert)
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19 May 2008 as stated by sri vinod, pl. show details in ITR.nothing else SHOULD bother you.
hope you have checked for exemptions available for gifts under sec 56.
R.V.RAO

NEERAJ KUMAR AGARWAL

NEERAJ KUMAR AGARWAL (Querist)
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20 May 2008 Thanks to all of you