A fake scenario

[User_23c476db]

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User_23c476db
PARTICIPANT
January 15, 2025 at 4:02 pm

If i meet someone rich and if they help me with a huge amount of money, example ₹70 lakhs (out of their own will, like a transaction between 2 friends) what will be the consequences for me? Tax? should i do ITR? Or it’s

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[User_9f1ef86d]

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User_9f1ef86d
PARTICIPANT
January 15, 2025 at 4:06 pm

Take it as loan at no intrest. You could pay it back or just default on

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[User_23c476db]

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User_23c476db
OP
January 15, 2025 at 4:12 pm

But i don’t have to pay it back. It’s like a gift to me.
What is “default on”?

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[User_8da269e6]

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User_8da269e6
PARTICIPANT
January 15, 2025 at 4:39 pm

Default on means never return only he

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[Vikasknight404]

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Vikasknight404
PARTICIPANT
January 15, 2025 at 5:37 pm

Money received only from immediate family members is exempted from tax. In your case, you’ll have to pay income tax as per slabs.

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[User_23c476db]

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User_23c476db
OP
January 15, 2025 at 5:49 pm

Thank you

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