Donation Income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2011
Please tell whether donation received by an individual is taxable? is there any case where donation received are exempt?
17 January 2011
I wish to start the answer with light humour :
The persons who receive "Donations" in their individual capacity are called as beggars !
-----------------------------------------------------
Although the person who gives "Gifts" is known as the Donor and the Receiver is known as the Donee.
-----------------------------------------------------
Persons who receive donations as such are taxable under the head INCOME FROM OTHER SOURCES.
Beggars can't say that they run their own business or profession.
Hope the matter is clear.
-----------------------------------------------------
Humour (This one is not light alike above):
Abhi Jata Hu, Line Bahut Badi Hai Mere Dost !
( Sabhi Ko "Free" Me Answer Jo "Dene" Hai).
-----------------------------------------------------
A request : please don't take it "otherwise."
( Ye to badi sidhi baat hai).
The persons who receive "Donations" in their individual capacity are called as beggars !
-----------------------------------------------------
Although the person who gives "Gifts" is known as the Donor and the Receiver is known as the Donee.
-----------------------------------------------------
Persons who receive donations as such are taxable under the head INCOME FROM OTHER SOURCES.
Beggars can't say that they run their own business or profession.
Hope the matter is clear.
-----------------------------------------------------
Humour (This one is not light alike above):
Abhi Jata Hu, Line Bahut Badi Hai Mere Dost !
( Sabhi Ko "Free" Me Answer Jo "Dene" Hai).
-----------------------------------------------------
A request : please don't take it "otherwise."
( Ye to badi sidhi baat hai).
17 January 2011
PS :
1. Gifts received from relatives are exempt.
( Keep your relations up-to-date with the relatives. See how law also helps to maintain such relations).
2. Marriage gifts are also exempt. ( Balle-Balle ).
(Hence don't follow live-in relationship - you may lose this fabulous opportunity).
3. Gifts received through a will is also exempt.
( Kisi ka mar-na it-na ich-chha ho sakta he kya )!
1. Gifts received from relatives are exempt.
( Keep your relations up-to-date with the relatives. See how law also helps to maintain such relations).
2. Marriage gifts are also exempt. ( Balle-Balle ).
(Hence don't follow live-in relationship - you may lose this fabulous opportunity).
3. Gifts received through a will is also exempt.
( Kisi ka mar-na it-na ich-chha ho sakta he kya )!
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2011
Sir,
first of all thanks for your humour.
Here is the case where the assessee received donation from some institution for his medical treatment and this amount is not repayable otherwise so we cant book as loan. That is why i asked whether is there any relief for the same.
first of all thanks for your humour.
Here is the case where the assessee received donation from some institution for his medical treatment and this amount is not repayable otherwise so we cant book as loan. That is why i asked whether is there any relief for the same.
17 January 2011
So as mentioned above by Rakhecha sir, only three income are exempt :
Gifts received from relatives are exempt.
Marriage gifts are also exempt. ( Balle-Balle ).
Gifts received through a will are also exempt.
Gifts received from relatives are exempt.
Marriage gifts are also exempt. ( Balle-Balle ).
Gifts received through a will are also exempt.
17 January 2011
OH !
REALLY VERY SORRY TO KNOW ABOUT THIS CIRCUMSTANCE.
I presumed that someone is asking this question just for curiousity and that is why I answered in this form because many times it is asked at caclub in this manner.
----------------------------------------------------
Now I will try to answer the query from deep of my heart :
1. Income-tax is levied for the purpose of social welfare.
2. The income of charitable institutions are exempt from tax for the reason mentioned in point no. 3.
3. Those who get help from such institutions are not taxed because concept behind is that needy and poor should be taken care of.
4. Amount received towards medical expenditure is not an income at all.
5. One may argue to that it in INCOME FROM OTHER SOURCES. This is not true because one cannot claim to have income due to illness.
6. Even over Assessing Officer will not tax such amount ( Really it is so).
Regards.......Dil se.
REALLY VERY SORRY TO KNOW ABOUT THIS CIRCUMSTANCE.
I presumed that someone is asking this question just for curiousity and that is why I answered in this form because many times it is asked at caclub in this manner.
----------------------------------------------------
Now I will try to answer the query from deep of my heart :
1. Income-tax is levied for the purpose of social welfare.
2. The income of charitable institutions are exempt from tax for the reason mentioned in point no. 3.
3. Those who get help from such institutions are not taxed because concept behind is that needy and poor should be taken care of.
4. Amount received towards medical expenditure is not an income at all.
5. One may argue to that it in INCOME FROM OTHER SOURCES. This is not true because one cannot claim to have income due to illness.
6. Even over Assessing Officer will not tax such amount ( Really it is so).
Regards.......Dil se.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
