banner_ad

Cash Gift Received

This query is : Resolved 
Profile Image

Profile Image

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

S.Srinivasaraghavan

Profile Image

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

Vinod

Profile Image

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

Shekar

Profile Image

Shekar (Expert)
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..
Profile Image

R.V.RAO

Profile Image

R.V.RAO (Expert)
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
Profile Image

NEERAJ KUMAR AGARWAL

Profile Image

NEERAJ KUMAR AGARWAL (Querist)
20 May 2008 Thanks to all of you
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details