TaxTMI 
TaxTMI 
Amount given by Acquaintance Taxability
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....mount given by Acquaintance Taxability<br> Query (Issue) Started By: - Shan S Dated:- 29-6-2026 Last Reply Date:- 30-6-2026 Income Tax<br>Got 2 Replies<br>Income Tax<br>Amount given by Acquaintance fo....
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....r utility or personal expense, is it taxable? Receipt in Bank and returning amount in cash and not full amount is returned. What is the taxability? Reply By Ryan Vaz: The Reply: The taxability....
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.... depends on whether the transaction is genuinely a loan or a gift. If it's a bona fide loan, neither the receipt nor the repayment is taxable income. However, if the amount received is considered ....
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....a gift from a non-relative and exceeds Rs. 50,000 in a financial year, the entire amount received (not just the excess) becomes taxable as "Income from Other Sources" under Section 56(2)(x). The parti....
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....al cash return, if it's a loan repayment, must comply with Section 269T. Reply By Shan S: The Reply: since it is <50000, Can it be taken as Gift? and what are the supporting documents to be k....
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....ept and which schedule the amount , should be mentioned? exempt schedule<br> Discussion Forum - Knowledge Sharing ....