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Gift received from Religious Trust

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student
21 Points Posted on 15 October 2018
I received a cheque of 100000 Rs.as a gift from a religious trust.Howmuch Income Tax I have to pay ??
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On 15 October 2018 at 00:23 Report
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Student CA Final
431 Points Posted on 15 October 2018
if it is received without consideration then entire amount is taxable as per sec 55(2)(X)... then u have to pay tax of 125000 plus education cess @ 3%. However, if such trust is registered u/s 12AA, then such amount is not taxable.
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On 15 October 2018 at 07:52
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7 Points Posted on 16 October 2018
125000 tax on income of 100000!!!?
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On 16 October 2018 at 13:43
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CA - www.cachhalani.com
142 Points Posted on 16 October 2018

Entire amount will be added to your income and will be taxed as per your tax slabs.

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On 16 October 2018 at 14:24
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Student CA Final
431 Points Posted on 16 October 2018
sorry, if you have only that income, then your income is not taxable otherwise as above said taxable as per slab rates
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On 16 October 2018 at 19:30


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