Gift transaction huge amount sec 68 provision applicable
This query is : Resolved
Kollipara Sundaraiah
(Querist)
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
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
(Expert)
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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