Gift transaction huge amount sec 68 provision applicable
This query is : Resolved
12 January 2025
Sir,
It assessess senior citizen taxable income rs:5 lacs below yearly f.y.24-25 assessess cash gift to grandson rs:1 crore amount through on bank channel mode paid f.y.24-25 and assessee capital account balance rs:50 lacs show in balance sheet
Question:
Assessess gift amount excess of capital balance sec 68 provision applicable for it act
It assessess senior citizen taxable income rs:5 lacs below yearly f.y.24-25 assessess cash gift to grandson rs:1 crore amount through on bank channel mode paid f.y.24-25 and assessee capital account balance rs:50 lacs show in balance sheet
Question:
Assessess gift amount excess of capital balance sec 68 provision applicable for it act
12 January 2025
If proper justification can be given for the accumulation of the capital; sec. 68 provision would not apply.
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