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 of Rs. 1 Crore Raises Complex Tax Questions Under Sections 68 and 69 for Undisclosed Income Verification A taxpayer received a cash gift of Rs. 1 crore for a grandson through bank transfer, with fixed deposits canceled after the gift. The transaction involves a Rs. 50 lakh capital account balance. The key legal question centers on the tax treatment of the gift transaction under sections 68 and 69 of the Income Tax Act for the fiscal year 2024-25, seeking clarification on taxability and compliance requirements.