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How to treat this type of money receipt...
My brother is not employed anywhere right now and he provides private tuitions and have earnings from this.I have filed for him his income tax return for the FY 1617 showing this income as income frm other sources.Now,his friend's mother wants to give him a sum of Rs.3lakh.Now the question is how will i show this transaction at this point of time without giving any tax for this right now...Will it be shown as a loan or gift...though in case of gift i hve to pay tax on above 50000.please suggest me
Replies (9)
Show it at loan
Thank you...would it affect any special taxability ???
NO, But you should give loan from the disclosed money
He is getting the money from his friend's mother...why should he give that money as loan to someone else???please clarify....
Oh Sorry, but take the money through bank & not by cash
ok..thanks a lot.and a last questn....do i have to show it anyhow in my total income????
No, i should not be shown as income. But remember that his friend's mother also show it as loan in her books
ok...Thank you very much..
Welcome Deboleena Ji
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