Tag Archives: section 56(2)(v)

No tax on amount received on family settlement

Facts of the case :- Assessee received certain sum from his brother’s wife, ‘N’ .Assessee claimed said sum to be exempt under section 56(2)(v) . In her statement, ‘N’ stated that she gave impugned amount to assessee because of family settlement deed arrived at among family members . Issue :- Assessing Officer added impugned amount… Read More »