Gift in cash from a friend
This query is : Resolved
26 September 2013
hi, i want to ask that can a person receive gift in cash from a friend.please specify if thier is any relevant provision .
CA Mohit Bansal
(Expert)
27 September 2013
Gift from friend is taxable u/s 56(2)(vii) of the Income Tax Act,1961.
CA VISHNU GAVKARE
(Expert)
28 September 2013
It can be received. It is taxable above 50,000 hence up to Rs. 50,000 it is tax free and can be received.
Rupesh Jain
(Expert)
17 April 2014
tax received for friends is received from non relative then you have to show in your income. although income tax not tell the taxable income if gift below Rs. 50000/-
but if ITO make question then he in mostly cases he make addition in your income .
but if ITO make question then he in mostly cases he make addition in your income .
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