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income from other sources

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(Querist)
31 August 2016 does section 56 (2)(vii)(c)(1) and 56 (2)(vii)(c)(2) operate simultaneously. That is to say where someone has received gift worth rs.49000 and another movable property at the concession of rs.2000 ....would it be result into the taxability of rs.51000
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Amol S Joglekar

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Amol S Joglekar (Expert)
31 August 2016 independently.......each one on stand alone basis.
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