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Gift / Other Income
Direct Taxation
Income taxed in 2 times, For eg. Father earned income by way of salary and he pays tax on the same during the year and he gives some amount to his daughter as a gift. The entire amount is already taxed as salary. But the daughter is offered the same for taxation under income from other sources if the gift amount exceeds Rs.50000? That amount is already taxed by his father.?
Answers (10)
Best Answer
Thread Starter
Balamurali Unnithan M SOkay, Then the gift to other than relative. And that amount is already taxed. It's again offered for tax? The same income is taxed 2 times!
I am not sure about this but this is not double taxation as it happens when the same income is taxed twice and paid by single individual only ...here one person is taxed as income from salary and the other person will get taxed as it will be his income from other sources so both will be get taxed but from different sources
Thread Starter
Balamurali Unnithan M SMore than 50000 per year?
Gift from a relative is completely exempt from tax irrespective of the amount
Thread Starter
Balamurali Unnithan M SHow different it's from double taxation?
Say you earn interest on which you pay tax. You also pay interest to bank on which bank pays tax. Will you call this double taxation?
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