Alex Is the sum of money received from a relative taxed?
As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. Here the “relatives” term defines by the Income Tax act as follows : Spouse of the person referred to in clauses (ii) to (vi).
Do you have to pay tax on sum of money received?
If you receive the sum of money worth more than Rs.50000, you are liable to pay the tax on the aggregate amount (that is, total amount received). This rule applies when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which is value more than the Rs.50000.
How are gifts received from relatives taxed?
Taxability of Gifts received from Relatives & Non Relatives. If an individual/Huf receives from any person or persons any gift, exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF under section 56.
If you receive the sum of money worth more than Rs.50000, you are liable to pay the tax on the aggregate amount (that is, total amount received). This rule applies when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which is value more than the Rs.50000.
As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. Here the “relatives” term defines by the Income Tax act as follows : Spouse of the person referred to in clauses (ii) to (vi).
When is a man responsible for his wife?
Your wife may become ill or have a nervous breakdown. She may seek popularity with others if she is not satisfied with you. She may grow so cold towards you and the house that she may even seek for a divorce. You are responsible for all this because you have failed to keep her content.
When do I receive my inherited annuity from my father?
The insurance company or your attorney can advise you regarding the details of your inherited annuity. Under the five-year rule, as the annuity beneficiary, you must receive the entire distribution within five years of your father’s date of death.