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Gift received under section 56(2) of it act 1961.

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(Querist)
28 June 2017 Sir,
The Assessee has received a sum 4,00,000/- from different persons who are identifiable as gift during the AY 2015-2016. The Sum Received from each person is below Rs.50,000/- , will this sum of Rs.4,00,000/- be included in Total Income of the Assessee under section 56(2) of the IT Act 1961 ?/
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 June 2017 Yes, because the phraseology used is.....aggregate value....from any persons
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MNatarajan

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MNatarajan (Querist)
28 June 2017 Thank you for sharing your view.
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