Query regarding section 56 of income tax act.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2012 I have received Rs. 1,33,000/- (From many persons) as gift in cash (not from relative as defined in IT Act) in F.Y. 2009-10 (A.Y. 2010-11)which i have deposited in bank.
Out of this how much is taxable u/s 56.
Can i get the exemption of Rs. 50,000/- at least.

Mohit Naithani

Mohit Naithani (Expert)
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20 December 2012 whole amount is taxable and Rs 50000 is limit and not exemption.

So Whole amount of Rs 133000/- is taxable in your hand.

Bt Y u didnt pay tax on it in A.Y 10-11.???

Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2012 My client didn't provide me the information. Therefore I didn't make it taxable.