Taxability of Amount Received in Bank Account

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If you receive money from friends, it's generally considered taxable if the total amount exceeds Rs. 50,000. In this case, receiving Rs. 7.5 Lakhs from friends means the entire sum is likely taxable under the Income From Other Sources (IFOS) head, even if part was returned or spent.

Jeeva

Jeeva (Querist)
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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i have received Received Rs.7.5 Lakhs (Via NEFT) in my Personal Account from 4 of my Friends and the 5 lakhs has been withdrawn and handed over to them again as cash and 2 lakhs being spent on some other stuffs Randomly.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 ?

CA Paras Ahuja

CA Paras Ahuja (Expert)
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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

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Ca Neha Jain

Ca Neha Jain (Expert)
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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.

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