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Gift transaction huge amount sec 68 provision applicable

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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12 January 2025 Sir,
It assessess senior citizen taxable income rs:5 lacs below yearly f.y.24-25 assessess cash gift to grandson rs:1 crore amount through on bank channel mode paid f.y.24-25 and assessee capital account balance rs:50 lacs show in balance sheet
Question:
Assessess gift amount excess of capital balance sec 68 provision applicable for it act

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 January 2025 If proper justification can be given for the accumulation of the capital; sec. 68 provision would not apply.

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