Tax on Gift by friend

Hi, No Gift Tax. Just add Rs. 100000 as Income From Other Sources in your Total Income. and Compute the Tax on your Total Income i.e, Salary + Gift, Calculate Tax on It. and then Deduct TDS already deducted by your employer. Pay the Balance Tax. It's so simple. Isn't it ?

i m totally agree with Mr. Rajan.

gift received from freind is taxable if it is exceed the amount of RS 50000.so in your case it is fully taxable(i.e 100000) under the head other sources.

further no Gift tax shall be levied

Gift tax has since been abolished therefore, any money received on account of gift has been incorporated in section 57 of IT act as income from other source.

YES U WILL PAY ONLY INCOME TAX NO ANY GIFT TAX ON GIFT RECEIVED FROM FRIEND'S.

Mr. Monu,

You have not told that when you have recieved the gift.

If the gift is recieved on the occasion of Marriage Then it will be totally exempt whether it is from a reletive or from some other person.

Hope you will find this information useful.

Regards

Vijay Kumar