Prashuk Jain (1 Points)
28 August 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 August 2019
1. The above amount will be covered under gift and it will be subject to tax u/s 56(2)(x). Because there is no nexus between the amount received and the amount paid as an aid of financial assistance. Hence, it will be treated as a gift and will be subject to tax u/s 56(2)(x).
Please correct me if the above solution has an alternative view.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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