Taxability of Amount Received in Bank Account
This query is : Resolved
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i have received Received Rs.7.5 Lakhs (Via NEFT) in my Personal Account from 4 of my Friends and the 5 lakhs has been withdrawn and handed over to them again as cash and 2 lakhs being spent on some other stuffs Randomly.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 ?
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
Hence whole 7.5 lack is taxable.
#paras_ahuja
Message likes :
1 times
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.
Message likes :
1 times
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
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- LIABILITY ADJUSTMENT
- Grand in aid
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- TDS on property - Form 141 query
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
