gud mrng scholers.....
suppose mr. X has a black money and he is planning to convert it into white. now he give this money to his frnd Y in cash and tell him that he(mr.Y) will give this money on his(mr.X) marriage to him (mr.X).
as above said Mr. Y gave money to X on his marriage.
and mr. X shown this money in his return of income as he received gift on his marriage,...
now my question is that in return of Mr. Y is this money gave by him as a gift to Mr. X is necessary to show?
and can IT department has right to take this money under assessment and take the detail of money as he gifted to mr.X.??????
CAclubindia
