Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2018 I work in company and my income is 12 lakh rupee. I have received total 57000 Rs. INR from my all friends In FY -2017-18 and I have transferred 1 lkah INR Rs. to my all friends in FY2017. Do i have to pay tax on (12 lakh) or (12,57,000) or (12 lakh + 570000-100000= 11,57,000)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

07 April 2018 Tax on 12,00,000+7000 is payable. No tax 50,000 gift.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2018 But I have heard that if gift amount from friends is more than 50,000 then you will have to pay tax on whole amount. But my point is if I have taken money from my friends(Friend A, Friend B , Friend C) and given some money back to my friends ( Friend C, Friend D , Friend E) Then how one should calculate taxable income

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

08 April 2018 Tax payable on amount exceed 50000. Gift given can't be deducted from gift receipt.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASIM ATREY AND ASSOCIATES

ABHISHEK RATHORE

madhu sudan

Sapan Kumar Nayak

Ramulu Thakkalapally

Subscribe Now

Gift tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA