Cash receipt less than 50000
This query is : Resolved
Querist : Anonymous
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)
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/-.
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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