Showing posts with label Gift. Show all posts
Showing posts with label Gift. Show all posts

Do I need to pay tax on income earned on gift amount?

I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.
Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?
Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that  income up to Rs.2,50,000/- is not taxable. 

Whether the amount of Creditors balance unclaimed/untraceable and written-off/Back by way of crediting P&L Account is taxable under GST

1. Background In the course of business, it is not uncommon to find outstanding balances in the names of trade creditors that remain unclai...