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Taxation of donation received
if an individual is collecting some fund to donate in relief fund from other individual, firm and company and then after collection of fund he donated the fund so what is the tax treatment of it
Replies (1)
Any donation received from RELATIVES as per sec. 56(2)(x) will be tax free.
But aggregate of donation received from non relatives (if above Rs. 50K) will be taxed as per slab rate.
He can get exemption u/s. 80G if donated to such registered organization/s.
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