section 68
This query is : Resolved
25 November 2010
i received rs. 600000/- by way of F.D. from my brothers in f.y. 06-07 but not shown in that year but in f.y. 07-08 i shown that in B/S by addition of Rs. 600000 in capital & respectively F.D with accrued interest in assets side.
plz clear me that it will be comes in sec. 68 or not.
plz clear me that it will be comes in sec. 68 or not.
25 November 2010
Dear Bharat,
Solution treat it as gift from relative and get prepared gift deed for future clerification.
Solution treat it as gift from relative and get prepared gift deed for future clerification.
25 November 2010
agree
26 November 2010
As per Section 56(2)(vi), where any sum of money the aggregate value of which exceeds Rs. 50,000 is received without consideration, then the whole of such sum shall be chargeable to income-tax under the head " Income from Other Sources" in the hands of receipient. This provision is applicable upto 30.09.2009
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Article ship defecit
- GST collection on rent receipts
- Eway bill for machinery reparing
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
