Dear sir,
1) Can I received donation of Rs.50lakhs by cheque or cash and is any requirement of any deed.
2) Can I received a house of Ra.50lakhs in a form of donation.
Note : In both cases doonation by individual who is not cover under relative definition.
Pls suggest me tax treatment and which option should be better.
Thanks
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Treatment of Tax under Gift
Replies (1)
Any sum of money received in excess of Rs.50,000 and immovable property without consideration in excess of Rs.50,000 shall be chargeable to tax u/s 56(2) of the Act. If the amount is received in cash, then it shall have penal consequences such as penalty u/s 269ST and prosecution as well.
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