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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....IFT transactions sec 68 and sec 69 provisions applicable f.y. 24-25<br> Query (Issue) Started By: - Sundaraiah kollipara Dated:- 9-6-2025 Last Reply Date:- 9-5-2026 Income Tax<br>Got 1 Reply<br>Income....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Tax<br>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 asse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssess 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. R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eply By FCA Adv amit aggarwal: The Reply: Proviso to Section 56 (2)(x) of the Income-tax Act, 1961 (Act) specifies that the said clause shall not apply to any sum of money or property received from ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....any relative. Further, explanation to the said proviso states that the expressions, "relative" shall have the same meanings as respectively assigned in the Explanation to section 56(2)(vii) of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Act. As per the said explanation under section 56(2)(vii) of the Act, "relative" means any lineal ascendant or descendant of the individual. gift to grandson in hands of grandson is exempt<br> D....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iscussion Forum - Knowledge Sharing ....