Question

05. What is the tax treatment of sum of money received as gift under section 56(2)? Also explain the provisions relating to taxation of winning from lotteries?

don't spam please ​

Answer 1

Answer:

Explanation:

Taxation on gift provided U/S 56(2) of income tax act 1961. As per income tax act gifts received are taxable in the hands of recipient under the head of other Sources and there is no taxation for the donor.

Answer 2

Explanation:

1)Gift received from relative is exempt.

2) Gift received on the occasion other than marriage from non specified person shall be taxable under the head income from other sources.

3) Money received whether in cash or cheque in excess of Rs. 50,000/- from non specified persons shall be taxable.

I hope it helps you..

Please make me the Brainliest...