GIFT transactions sec 68 and sec 69 provisions applicable f.y. 24-25

[Sundaraiah kollipara]

Sir,
It assessess cash Gift to grandson Rs.1 crore amount through on bank channel mode dt:10-01-25

Assessess source of income TDS cancel after gift money amount paid to grandson but assessess capital account balance rs:50 lacs show in balance sheet

Question:

Assessess gift transaction taxable or exempt and different amount rs:50 lacs sec 68 provision applicable for it act.

AI Summary

Gift taxation: assess whether a bank transfer qualifies as exempt gift and if unexplained credits are taxable. Whether a bank-channelled transfer described as a gift to a grandson is taxable or exempt, and whether an unexplained capital account balance may be treated as an unexplained cash credit under sec 68, such that the amount could be taxed absent satisfactory documentary explanation; analysis centres on evidentiary sufficiency and documentary support for the gift characterization.