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Gift/ source of gift is not explainable.

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 October 2013 Res. xperts Good Morning.

In AY 2013-14 if we show any income as petty cash gift received offered for taxation which is Rs. 49000 or Rs 75000 (i.e below 50000 or above 50000) & proof or receipts of these incomes are not maintained. Is it is possible for AO to imposed 30% (in scrutiny or on findings) on that type of any income which is not proofed as a genuine receipt or income.

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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 October 2013 AO will assess such amount, as income of the asessee, under section 68 of the Income tax Act,1961.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 October 2013 Sir if Total Income of the assessee including such income is below taxable limit, how much tax liability will be created by AO
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 October 2013 Resp. Sir plz tell how to learn this type of section. Any link or references, plz share.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 October 2013 you will escape the liability in case your income including such gift received is below the taxable limit.
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Expert)
06 October 2013 Agree with experts

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