Taxability u/s 56(2)
This query is : Resolved
hardik sharma
(Querist)
03 October 2013
As per finance act 2009 amendment is any aomunt of money received in aggregate exceeding Rs.50,000 taxable in hands of individuals by their relatives?
CA Vijeta Verma
(Expert)
03 October 2013
As far as my knowledge is concerned receipts from relatives are not taxable whether they are upto or exceeding 50000.please wait for other expert's opinion
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Nikhil Kaushik
(Expert)
04 October 2013
any amount of moneys received from the following relatives is not taxable :
‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (b) to (f)
‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (b) to (f)
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hardik sharma
(Querist)
06 October 2013
Thanks for replying my earlier query!!
One thing more:
Suppose I receive Gift from my father in cash amounting to Rs.2,00,000 then under which chapter/section will he (my father) get deduction?
One thing more:
Suppose I receive Gift from my father in cash amounting to Rs.2,00,000 then under which chapter/section will he (my father) get deduction?
Nikhil Kaushik
(Expert)
06 October 2013
There is no deduction available for ur father. However, if u r not able to prove that your father has actually given u rs 2 lakhs, the said cash credit may be taxed under section 68 at 30%
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