Other income in ITR
This query is : Resolved
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MOHD SHAHID
(Querist)
09 September 2020
hello, Business income u/s 44AD, 145000/- and Gifts (Other than blood relation) surrendered in ITR as other sources income 175000/-. Kindly suggest what will be the slab rate for other sources income 10% or 30%.
CA KARAN SINGH
(Expert)
09 September 2020
If gift is received during the course of business, then include the gift received as business income and declare income under a presumptive basis.
or if a gift is received otherwise, then it will be taxable according to the slab rate.
or if a gift is received otherwise, then it will be taxable according to the slab rate.
Dhirajlal Rambhia
(Expert)
28 October 2021
10% only. The same will get rebate u/s. 87a.
MOHD SHAHID
(Querist)
28 October 2021
But Sir if All Gifts received in Cash, what will be the slab rate.
Dhirajlal Rambhia
(Expert)
28 October 2021
No problem, gift is assessed u/h. IFOS, at slab rate.
Only lottery winning etc, is taxed at 30% flat.
Only lottery winning etc, is taxed at 30% flat.
MOHD SHAHID
(Querist)
28 October 2021
Thank You Sir my all doubts are cleared.
Dhirajlal Rambhia
(Expert)
28 October 2021
My Pleasure.
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