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Gift received from Religious Trust
I received a cheque of 100000 Rs.as a gift from a religious trust.Howmuch Income Tax I have to pay ??
Replies (4)
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.
125000 tax on income of 100000!!!?
Entire amount will be added to your income and will be taxed as per your tax slabs.
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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