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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
