An assessee received a cheque of Rs 1100000 from non relative without any consideration on 01/04/2009.
whether this amount is chargable in the hands of the assessee?
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sec 56(2)
Replies (1)
yes govind it is taxable in the hands of assessee.gift received on 1st april is irrelevant here since the cash gift was taxable before than 30sep.09 and after that it is taxable under new section.
regards
tarun rustagi
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