Menu
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.
Recent Topics :
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
Related Topics :
CAclubindia
