09 September 2010
there is individual suppose X who recieved gifts of Rs 150000/- from Y ( who is maternal uncle of X. As we know there is no tax liabilities in the hands of X where Y have to pay on his income part. Now my question is whether X has to pay any tax on his rcieving gift from Y.And Y is a farmer who is getting Income reciepts of Rs 500000/- and giving this money to X and claiming 500000/- as exempt income U/s 10(1).
Let me know in this case any issue may be raised by ITO. If yes then why ?
CAclubindia
