Cash obtained from sure relations exempt from revenue tax

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Wage obtained from all of the employers through the monetary yr should be clubbed to reach at your complete revenue and be taxed accordingly.

Is financial reward from relations taxable in fingers of NRIs? – Rajesh Mittal

Presents obtained by anybody in India is taxed within the fingers of beneficiary. Additional, Part 56(2)(x) of Earnings Tax Act, offers that the place an individual receives any sum of cash with out consideration, mixture worth of which exceeds Rs 50,000, it shall be chargeable to tax beneath revenue from different sources within the fingers of that individual besides when it’s is obtained from kinfolk similar to partner of the person; brother or sister of the person; brother or sister of the partner of the person; brother or sister of both of the dad and mom of the person; any lineal ascendant or descendant of the person; any lineal ascendant or descendant of the partner of the person; partner of the individual referred to in clauses (ii) to (vi). On this case, financial reward obtained from relative as talked about above wouldn’t be taxable within the fingers of NRI.

I received Rs 1 lakh from my aunt within the US. Do I’ve to pay tax on it? —SK Rao

Your aunt would qualify as relative beneath the provisions of Part 56, therefore this quantity wouldn’t be handled as your revenue and wouldn’t entice tax.

I’ve modified jobs 4 occasions this yr. Do I’ve to declare all of the 4 incomes in myITR? —Aman Kumar

Sure, wage obtained from all of the employers through the monetary yr should be clubbed to reach at your complete revenue and be taxed accordingly.

I’ve filed my tax returns on July 5 and there may be tax refund for Rs 1,000. Will the tax division query on it? My employer had minimize extra tax for all staff as a consequence of a calculation error? —Vikas Arora

Contemplating that the quantity is low, the division wouldn’t be asking any query and this extra would additionally replicate in your Type 16 issued by your employer.

I’ve not received the refund for final yr. My tax advisor says it has not been processed but. Is there any strategy to discover out if he’s saying the reality? —Anurag Sharma

You possibly can login to the revenue tax e-filing portal together with your PAN as person ID and password and examine the standing of your tax returns by going to the choice “My Account” after which clicking on possibility ”View E-filed Returns/varieties”.

(The author is associate, Ashok Maheshwary & Associates LLP. Ship your queries to fepersonalfinance@expressindia.com. Views are private.)

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