Student
3986 Points
Joined July 2018
1. The above amount will be covered under gift and it will be subject to tax u/s 56(2)(x). Because there is no nexus between the amount received and the amount paid as an aid of financial assistance. Hence, it will be treated as a gift and will be subject to tax u/s 56(2)(x).
Please correct me if the above solution has an alternative view.