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If not received through bank or cross cheque…: Income from relatives to be taxed

ISLAMABAD: The FBR will consider provision of gift from closed blood relations if received through cross cheque or banking channel otherwise it will be added in income chargeable to tax. The FBR has also empowered Commissioners to freeze any domestic …Read more





ITR filing for AY 2019-20 Dont miss these incomes

Hence you should cross-check all your to avoid any errors Through reporting your income correctly your tax outgo is unlikely to be incorrect You can collect all the details from the source of income If you are not clear on how to declare all
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Tax details you must look out for

Hence you should cross-check all your to avoid any errors Through reporting your income correctly your tax outgo is unlikely to be incorrect You can collect all the details from the source of income If you are not clear on how to declare all
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How to defend your total from the taxman

Your income is taxed dividend bank interest and lottery winnings DeductionsExceptions Dividends up to Rs 10 lakh are tax free So are gifts from specified relatives or those received
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Budget 2019 Gift tax loophole plugged for NRIs

Currently gifts given by Indian residents to non-resident Indians apart from the specified list of relatives income-tax returns if gift above Rs 50000 is received from a person other than the specified relative Even if the NRI would not
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Short-term gains from shares or MFs are taxable

As per Section 56 of the Income Tax Act there is no gift tax applicable for gifts between relatives So your brother can give you any amount of gifts and the same will not be taxable in I can dilute Bank FD and pay Rs 20 lakh Rs 2 million
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Immovable property received from a relative is not income

From a tax perspective where any individual receives money in excess of 50000 in any financial year without any consideration it will be taxed as income from other sources in the hands of the recipient But this rule does not apply to money received
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