Invoking of sec.68
This query is : Resolved
29 June 2015
Can AO invoke Sec.68 in case of cash gift received from any relative amount exceeding Rs.50000/-
If yes what to do to avoid such a situation?
If yes what to do to avoid such a situation?
01 July 2015
for gift the following need to be proved
1.identity of donor
2.occasion
3.source of donor
4.genuineness of gift
if gift cannot be proved, then it cannot be proved under sec 68 also.
1.identity of donor
2.occasion
3.source of donor
4.genuineness of gift
if gift cannot be proved, then it cannot be proved under sec 68 also.
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