I have gifted Rs 5 lakh to my wife in cash. If she deposits the money in her bank account, will she have to pay any tax on it?
– Jeetender Verma

Gifts to relatives are out of the purview of taxation and hence not taxable in the hands of the recipient, i.e., your wife is not require to pay tax on the cash received from you. Here, it is presumed that you would have included this money in your income and paid the due taxes on this money.

Do I have to pay capital gains tax on debt mutual funds?
—Pinaki Ghosh

Capital gains on debt mutual funds are chargeable to tax depending upon your period of holding. If held for three years before sale, the capital gains are chargeable to tax at your slab rate. However, if the same were held for less than three years at the time of sale, capital gains shall be chargeable to tax @ 20% (with indexation).
I have a turnover of Rs 1 crore from my spare parts manufacturing factory. Do I need to file GST under the composite scheme.
—Deepak K

Composition scheme is a scheme available to small taxpayers whose aggregate turnover in the preceding financial year did not cross Rs 1 crore/ Rs 75 lakh ( for specified states). A person registered under the Goods and Services Tax (GST) provisions needs to opt for composition scheme (subject to prescribed conditions) in order to avail the said scheme. It is important to note the following in terms of the composition scheme under GST:

* A person opting for the composition scheme cannot make inter-state supplies;
* A bill of supply needs to be issued in lieu of a tax invoice by a person opting for composition scheme;
* No GST can be charged on the bill of supply by a person registered under the composition scheme;
* Further, it should also be noted that a person paying GST under the composition scheme cannot avail Input tax credit on its purchases;
* Returns under GST would need to be filed on a quarterly basis by a composition tax payer.

Please note that I have assumed that Rs 1 crore yearly turnover in the instant case includes value of all taxable supplies, exempt supplies and exports made by all persons with same PAN, but would exclude inward supplies under reverse charge as well as central, State/Union Territory and Integrated taxes and cess.

Source:   http://cbcinews.com/income-tax-returns-filing-no-tax-on-gift-received-from-relatives-in-form-of-cash/