DEAR RESPECTED MEMBERS PLEASE TELL IF A PERSON RECEIVE SOME MONEY FROM THREE DIFFERENT FREINDS AS A GIFT IN THREE TIMES IN A YEAR BY CHEQUE WILL IT BE CONSIDERED AS GIFT OR WHOLE AMOUNT RECEIVED IS TAXABLE. THE GIFT RECEIVED IN FOLLOWING MANNER-
IST FREIND GIVES HIM CHEQUE OF 10000 IN MAY-16
SECOND FREIND GIVES HIM CHEQUE OF 15000 IN MAY-16
THIRD FREIND GIVES HIM CHEQUE OF 20000 IN NOVEMBER 2016
" IF A PERSON RECEIVE SOME MONEY FROM THREE DIFFERENT FREINDS AS A GIFT IN THREE TIMES IN A YEAR BY CHEQUE WILL IT BE CONSIDERED AS GIFT OR WHOLE AMOUNT RECEIVED IS TAXABLE."
1. WHOLE AMOUNT RECEIVED IS TAXABLE, but if exceeded 50,000/-
2. Here total gifts received are below 50K so tax-free!!
THANKS A LOT DHIRAJ SIR
CAclubindia
