Mr. X has gifted a sum of Rs. 40 lakhs Cheque to his helper or say someone else who is not at all related to him(Mr.X).
Now this other person has purchased some property ( say house).
My question is, how such is going to be taxed?
whether it is included in the head "Income from other sources" and taxed or any Notice will be served on such other person for such huge credit in his Bank account??
Thanks in advance
Yes, it shall be taxable to the receiver of gift under head Income from Other Sources, under Sec 56(x) of IT Act.
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