gift tax

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Gst Practicion
702 Points Joined May 2016
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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On 23 February 2018 at 18:30 Report
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37 Points Joined December 2017
above 20000 rs for gift purpose . you will deducted 20000 rs from net amount
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On 24 February 2018 at 11:53
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Student
2282 Points Joined October 2017

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

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On 24 February 2018 at 11:59
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37 Points Joined December 2017
yes i will explain that
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On 24 February 2018 at 12:04
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Gst Practicion
702 Points Joined May 2016
Mr Rahul, relative is my father 's own brother or my uncle
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On 26 February 2018 at 00:19
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Student
2282 Points Joined October 2017
Originally posted by : mahendra sahoo
Mr Rahul, relative is my father 's own brother or my uncle

YOU ARE NOT UNDER TAX PREVIEW

 

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On 26 February 2018 at 10:11
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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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On 26 February 2018 at 10:26


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