My friend transfered 4.8 lakh of rupees through neft in my saving account. What will happen after ? Can I get a tax notice?
What should I do now, If my friend wants to transfer 4.8 lakh into my account through RTGS, what do I have to do?
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.Sign up to join this community
Money or Cash received as a gift has a Gift Tax which needs to be paid if it exceeds INR 50,000 annually (Unless it is for a marriage or from a relative with a blood relation).
If the above does not apply in your case, then it would be treated as an income and taxable as per your income and the tax slabs of the financial year.
So, the answer is, it depends. To determine whether you have to pay tax or not, have a look at the FAQs here