Gift received under section 56(2) of it act 1961.
This query is : Resolved
MNatarajan
(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 ?/
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 ?/
28 June 2017
Yes, because the phraseology used is.....aggregate value....from any persons
MNatarajan
(Querist)
28 June 2017
Thank you for sharing your view.
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