Donation received by individual

Usually all such donations given by such cheritable trusts are tax exempt.

Thanks a lot Sir...

One more query as to ... is there any yearly upper limit for such donations received.

The cap is upto the limit of utilization for the cause for which it is received.

Its not income, but amount given for medical treatment!!

Originally posted by : Tanush
	Please tell us under which section it is exempt income

As per Section 56(2)(V)

Gift are exempt from tax under the following situations:

• monetary value of all gifts received don't add up to Rs.50,000.
• Received from a relative (see below)
• Received on occasion of marriage
• Received by way of a will or inheritance
• Received in contemplation of death of the payer
• Received from Local Authority
• Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C)
• Money Received from a charitable Institution registered under section 12AA

Sir, I am a 45-year old male. I am hearing impaired in both my ears. I have been advised to undergo Cochlear Implant surgery, which costs INR 10 Lakhs for one ear. I have received donations from my friends around INR 7 Lakhs. This money will be utilised towards the surgery and other medical expenses. Should I pay tax on these donations received ? Kindly let me know.

Being individual or not registered u/s. 12A, the amount will be taxable in your hand u/s. 56 of IT act.