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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- DIN reactivation
- TDS Return Q1 FY 2026-27
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
