Greetings from Ssk Advisory. We are happy to resolve your query.
Please note, since you have received bullion (movable property) on your birthday from your friend and as gift, it is fully taxable as per Section 56(2)(x). Moreover, since the amount of gifts is more than or up-to Rs. 50,000, the entire amount of Rs. 50,000/- is taxable under the head "Income from Other Sources" in your tax return.
If you would have received the same on occasion of your marriage or from your relative it may not have been taxable.
Hope we have been able to solve your query. Please comment below in case of any other queries or questions.
Greetings from Ssk Advisory. We are happy to resolve your query.
Please note, since you have received bullion (movable property) on your birthday from your friend and as gift, it is fully taxable as per Section 56(2)(x). Moreover, since the amount of gifts is more than or up-to Rs. 50,000, the entire amount of Rs. 50,000/- is taxable under the head "Income from Other Sources" in your tax return.
If you would have received the same on occasion of your marriage or from your relative it may not have been taxable.
Hope we have been able to solve your query. Please comment below in case of any other queries or questions.