gift tax

WILL YOU EXPLAIN TYPE OF RELATION WITH YOUR RELATIVE WHO HAVE GIVEN CASH GIFT OF RUPEES 40,000

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.