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section 68

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(Querist)
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.
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CA. Aryendra

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CA. Aryendra (Expert)
25 November 2010 Dear Bharat,

Solution treat it as gift from relative and get prepared gift deed for future clerification.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
25 November 2010 agree
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CA. BHAVIK DILIPBHAI MEHTA

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CA. BHAVIK DILIPBHAI MEHTA (Expert)
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
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