it person estimated profit declared rs:7 lacs in f.y.22-23.but assessess cash gift to brother rs:12 lacs through on bank mode pay f.y.22-23.
question:
assessess difference amount rs:5 lacs( gift amount -estimated profit) tax applicable.
Whether the income from business was declared under presumptive assessment?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
