Income from other sources

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1 Points Posted on 11 January 2020
I recive rs.500000 from my friend. How much tax I have to paid on it?
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On 11 January 2020 at 20:38 Report
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This discussion addresses the tax implications of receiving a substantial sum of money, specifically £500,000, from a friend. The general rule is that sums exceeding £50,000 received without consideration are taxable under 'income from other sources', though certain exclusions may apply. The exact tax payable will depend on the individual's tax slab rate.

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55 Points Posted on 11 January 2020
It depends on your slab rate.
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On 11 January 2020 at 20:52
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17269 Points Posted on 11 January 2020
Welcome to Forum !!
Today only you joined

What for you received 5 lakhs from a friend ?
Under what terms you received it ?
First clarify above for reply on tax issue
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On 11 January 2020 at 23:40
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Student
59 Points Posted on 11 January 2020
Any sum of money exceeding Rs. 50000 received without consideration by an individual or an HUF from any person is chargeable to tax as income under “other sources” subject to some exclusions.
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On 11 January 2020 at 23:50

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