INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: In Accounts Receivable, what?s the difference between the ?residual payment? and ?part payment? methods of allocating cash ?

Answer: Gift received in cash, which exceed Rs 50,000, are taxable. However, gift tax is not applicable in the following situations:

• Cash received from a relative
• Cash received on the occasion of marriage
• Cash received through a will or inheritance

Gift received in cash, which exceed Rs 50,000, are taxable. However, gift tax is not applicable in the following situations:

• Cash received from a relative
• Cash received on the occasion of marriage
• Cash received through a will or inheritance Source: CoolInterview.com

If you have the better answer, then send it to us. We will display your answer after the approval.

Rules to Post Answers in CoolInterview.com:-

• There should not be any Spelling Mistakes.
• There should not be any Gramatical Errors.
• Answers must not contain any bad words.
• Answers should not be the repeat of same answer, already approved.
• Answer should be complete in itself.

Name :*
Email Id :*
Answer :*
Verification Code	Not readable? Load New Code
Enter the above shown code: *
	Inform me about updated answers to this question