What wil be the tax position in the following case :-
Mr. A received a gift of Rs. 60,000/- on 30-09-2009 from a non-relative, say Mr. X. He received another gift worth Rs. 60,000/- on 15-10-2009 from a non-relative, say Mr. Y. What income will be taxable as gift U/s 56(2) of The I.T. Act, 1961for the A.Y. 2010-11.
1,20,000/= would be taxable
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