Umesh Kajrolkar (Manager - Corporate Taxation) (43 Points)
27 January 2016In Private Specific Trust there is only one Beneficiary, where he himself, his wife and Son gives Gift by way of Cheque / Shares to that Secific Trust.
Whether Provision of Section 56(1)(vii) is applicable to such Gifts ??
Please quote article in this regards.
Umesh Kajrolkar
(Manager - Corporate Taxation)
(43 Points)
Replied 01 February 2016
In Private Specific Trust there is only one Beneficiary, where he himself, his wife and Son gives Gift by way of Cheque / Shares to that Specific Trust.
Whether Provision of Section 56(1)(vii) is applicable to such Gifts ??
Please quote article in this regards.
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