One of my relatives had received medical donation of Rs. 700,000 from a trust & he wanted to know that whether it is taxable under the income tax act.Further in any case under which head one should show this income & if it is tax free then whether it will come as exempt income u/s 10? Please reply..........
Gift in the form of Money/property received from charitable institute registered u/s 12AA is exempt from tax - refer 56(2)(vii) for more details
Thank you very much Poornima madam.This is very useful information.
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