Taxation of Gift u/s 56 (2)(iv)
This query is : Resolved
09 March 2010
Mr. A gift Rs. 200000/- to Mrs. On 01/04/09 which is invested into business by her. Net profit from Business Rs. 150000/- for the year 2009-10.
Tax liability in hand of Mr. A
1.Clubbing of income – proportion of Rs. 150000/-
2.Taxation of Gift u/s 56 (2)(vi) – Rs. 200000/-
Am I right?
Is above Double Taxation?
Tax liability in hand of Mr. A
1.Clubbing of income – proportion of Rs. 150000/-
2.Taxation of Gift u/s 56 (2)(vi) – Rs. 200000/-
Am I right?
Is above Double Taxation?
10 March 2010
Proviso to section 56 (2)(vi) says that section will not apply to any sum of money(gift) received from any relative. Relative includes spouse of the individual. Therefore, the amount received by Mrs. A will not be assessed in her hands.
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