25 November 2010
i received rs. 600000/- by way of F.D. from my brothers in f.y. 06-07 but not shown in that year but in f.y. 07-08 i shown that in B/S by addition of Rs. 600000 in capital & respectively F.D with accrued interest in assets side.
plz clear me that it will be comes in sec. 68 or not.
26 November 2010
As per Section 56(2)(vi), where any sum of money the aggregate value of which exceeds Rs. 50,000 is received without consideration, then the whole of such sum shall be chargeable to income-tax under the head " Income from Other Sources" in the hands of receipient. This provision is applicable upto 30.09.2009
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