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Whether cash gift of rs 50000/- is taxable

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(Querist)
12 December 2017 1. I have recd cash gift of Rs 50000/- from my mother-in-law in FY 17-18, whether it is taxable in the hands of recipient or not?

2. I have not recd any salary since April 2017 as i have left the job, but i have undisclosed cash around 4 lacs & have deposited in bank. what should be the tax implication & treatment in the books of accounts.

kindly suggest valuable feedback
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 December 2017 1 Being gift from relative not taxable.
2 Disclose it as income and pay applicable taxes so that penalty can be avoided.
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jitendra

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jitendra (Querist)
12 December 2017 under What heads of income will consider income & is there is any taxable/scrutiny if i deposit all the cash.




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