Query regarding section 56 of income tax act.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2012
I have received Rs. 1,33,000/- (From many persons) as gift in cash (not from relative as defined in IT Act) in F.Y. 2009-10 (A.Y. 2010-11)which i have deposited in bank.
Out of this how much is taxable u/s 56.
Can i get the exemption of Rs. 50,000/- at least.
Out of this how much is taxable u/s 56.
Can i get the exemption of Rs. 50,000/- at least.
20 December 2012
whole amount is taxable and Rs 50000 is limit and not exemption.
So Whole amount of Rs 133000/- is taxable in your hand.
Bt Y u didnt pay tax on it in A.Y 10-11.???
So Whole amount of Rs 133000/- is taxable in your hand.
Bt Y u didnt pay tax on it in A.Y 10-11.???
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 December 2012
My client didn't provide me the information. Therefore I didn't make it taxable.
13 August 2023
Revise the return.
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