31 January 2020
What is the Taxability in my case for the upcoming Assessment year 2020-21 where i have received Received Rs.7.5 Lakhs (Via NEFT) in my Personal Account from 4 of my Friends and the 5 lakhs has been withdrawn and handed over to them again as cash and 2 lakhs being spent on some other stuffs Randomly.
Will i have to pay Tax on the 7.5 lakhs Received from my Friends ?
31 January 2020
It will be treated as gift and If in aggregate the gift amt exceeds rs 50000 than whole amt is taxable under head IFOS. Hence whole 7.5 lack is taxable. #paras_ahuja
01 February 2020
If the consideration has been received in excess of Rs. 50000 from other than relatives it is taxable.in this case since received from friend , 7.5 lakhs is taxable.
CAclubindia
