Mr. X had started business on 1/4/2006 and he has invested Rs600000 as capital in the business on 1/4/2006 and further his wife gifted Rs 200000 on 10/4/2006 and the total business income for the f.y 2006-07 is Rs 300000and for the financial year 2007-08 Mr X had 440000 business income
please tell about the total income taxable of Mr X for the financial year 2007-08
weather any income earned on the gifted amount will be taxable in the hand of Mrs X or not?
CAclubindia
