30 November 2021
DEAR SIR I BELIEVE THAT WHEN AN INDIVIDUAL RECEIVES GIFTS OR DONATIONS FROM PERSONS NOT RELATED TO HIM , THAT SUM SO RECEIVED IS TAXABLE U/S 56 (2) . NOW I WOULD LIKE TO CONFIRM THAT THERE IS NO BETTER OPTION TO AVOID TAX . PLS
30 November 2021
1. UPTO RS. FIFTY THOUSAND BY EACH FAMILY MEMBER/PERSON EVERY YEAR IS EXEMPT. 2. ON OCCASION OF MARRIAGE, TOTALLY TAX EXEMPT. 3. SOME PERSONAL GIFTS, NOT OF CASH NATURE ARE NOT ACCOUNTED AS ASSET .... 4. ANY SUM RECEIVED UNDER 'WILL' OR 'INHERITANCE' IS TAX EXEMPT.
30 November 2021
THIS MEANS THAT IF A PERSON IN DISTRESS COLLECTS MONEY FROM THE PUBLIC SAY 25 LAKHS FOR HIS MEDICAL AND REHABITATION EXPENSES , THE WHOLE AMOUNT WILL BE TREATED AS HIS INCOME IN THAT PREVIOUS YEAR OF RECEIPT - RIGHT ?
CAclubindia
