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.
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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