India crisis donates Waves India

Know the tax implications if your covid treatment is crowdfunded

Reading now: 349
www.livemint.com

crowdfunding organisations are pooling donations to help those facing a financial crisis as the country grapples with the second wave of covid-19.

However, the recipient should know that extended financial help may have tax implications.“A donation will be considered a gift in the hands of the recipient and will be tax-free up to ₹50,000 but if it is more than ₹50,000 then the entire amount becomes taxable," said Prakash Hegde, a Bengaluru-based chartered accountant.If the total taxable income of the taxpayer is above the basic exemption limit then the amount received as help or donation will be added to the income of the recipient and will be taxed as per the slab.However, there are certain exemptions to the rule that you should know.

Read more on livemint.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA