Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 Net direct tax collections exceed 2023-24 target
 Govt kicks off direct tax code revision
 ITR 2024 25 Check tax department s update on TDS and refunds
 Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains
 Income tax exemption: 4 financial instruments you can still invest into before March 31
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return

Tax relief! You don't have to pay income tax on this money gift
September, 21st 2018

Gift received from a relative (including brother) is not liable to tax. Hence, you can receive the gift money in your bank account and you would not be required to pay tax thereon.

My brother is planning giving me money. Should I accept it in my account directly? Will I have to pay tax? - Radhika Harikrishnan

Gift received from a relative (including brother) is not liable to tax. Hence, you can receive the gift money in your bank account and you would not be required to pay tax thereon.

While selling my flat if the price is lower than ready reckoner rates will I get a tax notice? How much tax will I have to pay? - Kushal Verma
As far as the liability to pay tax on capital gains arising on sale of flat is concerned, the taxpayer is required to consider the sale consideration or stamp duty value of the flat (which is computed on the basis of the circle rate) whichever is higher. In case the stamp duty value is higher, the taxpayer has to compute his capital gain tax liability by considering the stamp duty value as the sale consideration.

My PPF account will complete 15 years. If I extend it will I still get section 80C benefit? - Rupa Gulati
Where you want to extend the account and keep depositing, the bank or post-office has to be informed in writing (Form H) within prescribed time. Deposits made without furnishing this Form, will be treated as irregular interest will not be paid on them. Also, the benefits of Section 80 C will not be available on deposits made in PPF account after expiry of 15 years without filing for continuance of the account.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting