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Tax

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Querist : Anonymous

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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
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Ravikant

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Ravikant (Expert)
31 July 2012 You will have to pay tax on whole of Rs. 58000/- as Income from Other Sources (Uls.56 (2))
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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