Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2015
Mr.Bhaubhali Shah amassed huge wealth at the age of 45.Now he decided to take Diksha under Jain religion (ie become sadhu) and as per the diksha norm he has to dispose off entire wealth.Part of his wealth is gifted to his friend Shravak Shah.Shravak has approached Team SMA to advice him on the taxability if any under IT Act.
27 January 2015
Gift to relatives is exempted. Gift to friend above Rs 50,000 is taxable.
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