Gift received in cash

hi friends,
when any sum received without consideration is treated as income if it exceed rs 25000
if u received even a single rupee in excess of 25000 then the whole amout is taxable,
in this case there is option to save tax,  u can BIFURGATE THE AMOUNT 30000 IN TWO PARTS

hi friends,
when any sum received without consideration is treated as income if it exceed rs 25000
if u received even a single rupee in excess of 25000 then the whole amout is taxable,
in this case there is option to save tax,  u can BIFURGATE THE AMOUNT 30000 IN TWO PARTS AND show that u received on two different dates even from same person, then no tax will be levied, the saction tell then amount received on same date exceed 25000 is taxable, and this is very well cleared
hope that ur problem will solved
thanks
ankit

hi friends,
i endorse the views of Mr Ankit. following example will clear yr doubt
situation 1 : u receive cash gift of Rs 25000 from friend on 28.03.2006
        Solution : 25000/- not taxable.  
situation 2 : u receive cash gift of Rs 25100 from friend on 28.03.2006
        Solution : whole amount of 25100/- is taxable.
 

i agree with manish

i agree with manish that total amt will be taxable.

hi sarvesh,

if any sum is recieved witout consideration above Rs.25000, it is fully taxable.....lets make this straight....

if u get 30000, does not mean that 25000 is exempt and the rest is taxable.... if u get 30000, the whole amount is taxable..... why... even if u get 25001, the whole amount is taxable..... so make sure it does not go above 25000... thats the limit....

inorder to avoid this taxation,wat people do is that, they make two cheques.... if the amount is 30000, you can divide it into 15000 each or even 25000 and 5000..... tat's all....

take care and god bless...

luv
rajesh itty eapen