Taxation u/s 56(2)(vii) of income tax act-gifts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2015 Mr.X receives Rs 5lakhs from Father-in-law as marriage gift. But Rs 5 lakhs is transferred from the bank account of a pvt. ltd company in which father-in -law is a director. Is this taxable under section 56(2)(vii) as gift in excess of 50000/-

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

26 February 2015 Father-in-law is a relative of Mr. X hence he can receive gift from him in excess of Rs. 50000/-. Even otherwise any gift received on the occassion of marriage even from a non relative is not chargeable even if it exceeds Rs. 50000. but in your case situation is different the gift money is transferred from the bank account of private company in which father in law was director. So from income tax point of view it is difficult to prove that the gift was made by your father in law.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Taxation u/s 56(2)(vii) of income tax act-gifts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

Article Assistant

GST CONSULTANCY

Manager- Finance and Compliance

CA Final