Gift!
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2009
Hi, this family friend of ours has been giving us Rs 20000 each month since the past 7-8 months to help us out with our expenses. since my father is no more, my mothers a housewife and i havent started working.
how will this income be treated?
the cheques are in my mothers name.
how will this income be treated?
the cheques are in my mothers name.
Aditya Maheshwari
(Expert)
10 December 2009
If the same amount is to be repaid after some time then the same will be treated as loan if not then it will be treated as gift.
If the sum exceeds Rs. 50,000 which is crossing in your case and the same is to be treated as gift and the same is from a non relative then the same will be liable for tax in the hnads of the mother subject to basic exemption limit of Rs. 190,000 if no other income is there
If the sum exceeds Rs. 50,000 which is crossing in your case and the same is to be treated as gift and the same is from a non relative then the same will be liable for tax in the hnads of the mother subject to basic exemption limit of Rs. 190,000 if no other income is there
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