Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2012
Friends
I have received gift sum rs. 58 thousand on birth day from diffrent people
will i get exemption of rs.50000 &
should i pay gift tax on rs. 8000 only
please guide
I have received gift sum rs. 58 thousand on birth day from diffrent people
will i get exemption of rs.50000 &
should i pay gift tax on rs. 8000 only
please guide
31 July 2012
You will have to pay tax on whole of Rs. 58000/- as Income from Other Sources (Uls.56 (2))
31 July 2012
The whole amount of Rs. 58,000 is taxable u/s 56(2)(vii).
There is NO exemption.
If the gift amount exceeds Rs. 50,000 the WHOLE amount is taxable and not the amount in excess of Rs. 50,000.
There is NO exemption.
If the gift amount exceeds Rs. 50,000 the WHOLE amount is taxable and not the amount in excess of Rs. 50,000.
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