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Cash receipt less than 50000

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 July 2013 pl tell me whether cash receipt less than Rs. 50000 in a year is excempt from taxable income and whether this cash receipt can be taken in every year and how does entry made (this is gift nature or capital nature receipt)
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Mihir Doshi

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Mihir Doshi (Expert)
31 July 2013 Dear

You should go with section 56(2).

Gift from relative is totally exempt. From non relative it is taxable on exceeding 50,000/-.

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