Income tax
This query is : Resolved
11 December 2015
i have question i have rcvd rs 60000 from one of my friend in tiawan thrgh westrn union..westrn union give me money thrgh cheque nd i deposited in my account now i.have to pay any tax on tht money or it is tax free
Amol S Joglekar
(Expert)
11 December 2015
if it is a gift from your friend,
Section 56(2)(vii) says where an individual receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum shall be regarded to be income from other sources.
Section 56(2)(vii) says where an individual receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum shall be regarded to be income from other sources.
11 December 2015
if it is gift then i dnt have to pay tax on this amount right ?
Amol S Joglekar
(Expert)
15 December 2015
it is gift. So as per the section quoted above, you have to add 60,000 as income from other sources in your computation of income. The same will be taxed depending upon your SLAB rate.
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