Income from other source
This query is : Resolved
13 July 2012
whether Rs. 55000 received from friend through a cheque is taxable under income from other source? if taxable, then what amount will be taxable?
13 July 2012
Yes it will be treated as Gift and since the amount is in excess of Rs 50000/- it will be taxable in the hands of the recipient. So Rs 55000/- will be taxed under the head Income from other sources.
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