Hi friends, I have received an incentive of 60000 from my company, from which I have to give 30000 to a colleague friend. I am in 20% tax slab, and will give tax on the 60000 received. What will be the tax implications of my friend (who is also at 20% slab) on the 30000 rupess ? Thank you for your valuable replies.
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Cash gift received from colleague friend
Replies (4)
if it is as a gift then upto 50k no tax...n if loan then on interest income pay tax on interest income...ur frnd doesnt pay any tax
The incentive is taxable in your hand (treat as salary income)..
You ll give to your friend as Gift then it's not taxable in your friend's hand...
You ll give to your friend as Gift then it's not taxable in your friend's hand...
The 30000 will be exempt to your friend as it is below the limit of 50,000 and it will be taxable under Income from other sources if it is more than 50000 during the year as gifts received from friends is taxable.
NOT TAXABLE: If the total sum of money received by your friend (from you + from Others) during the year does not exceed Rs. 50,000..Then this amount will not be taxable in his/her hands...
TAXABLE: If it exceeds Rs.50,000, then the entire amount will be taxable in his/her hands as Income From Other Sources.
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