Today news
About the same in other media
Happy Diwali 2021! Know how much cash you can take as gift without paying income tax
Reading now: 975
Sharing gifts is a part of Diwali celebrations. From goods and gold to sweets and snacks, we like to share all types of gifts with our loved ones.
But what about cash? Is it wise to share cash as a gift on Diwali? And, are there any tax implications on sharing cash as a gift. As you celebrate the festival of lights, FE Online talked to Dr Suresh Surana, Founder, RSM India, to find answers of these queries. Take a look:
How much cash can an Individual receive as gift on Diwali without drawing taxmen’s ire?
As per the provisions of Section 56(2)(x) of the Income Tax Act, 1961 (‘IT Act’), if aggregate sum of money received by an individual exceeds Rs. 50,000 without any consideration during a particular Financial Year, then such sum shall be
Read more on financialexpress.comAbout this in other media
Made money from US stocks? Check rules to report it in Income Tax Return and claim credit financialexpress.com /2 years ago
Modi Says Bitcoin in the ‘Wrong Hands’ Can ‘Spoil Our Youth’ as India Readies a CBDC cryptonews.com /2 years ago
Can you get tax benefits on education loans taken from NBFCs? financialexpress.com /2 years ago
Show more
The website finance-news.co is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
