Please solve this query
Assesse is huf, fy 2016-17
1. It had received cash gift from relatives rs 40000
2. Cash gift received from friends rs 20000 on the occasion of marriage anniversary
3. Other income during the year 16 - 17, rs 220000
What is the tax liability of huf fy 2016-17?
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gift tax
Replies (6)
above 20000 rs for gift purpose . you will deducted 20000 rs from net amount
WILL YOU EXPLAIN TYPE OF RELATION WITH YOUR RELATIVE WHO HAVE GIVEN CASH GIFT OF RUPEES 40,000
yes i will explain that
Mr Rahul, relative is my father 's own brother or my uncle
| Originally posted by : mahendra sahoo | ||
 |
Mr Rahul, relative is my father 's own brother or my uncle |  |
YOU ARE NOT UNDER TAX PREVIEW
1. It had received cash gift from relatives rs 40000
2. Cash gift received from friends rs 20000 on the occasion of marriage anniversary
3. Other income during the year 16 - 17, rs 220000
Taxable incomes:
1. Exempt
2. Taxable
3. Taxable
Total Income: 20,000 + 2,20,000 = 2,40,000.
No tax below exemption limit.
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