Taxability of Gifts in hands of every person w.e.f 01.04.2017
Gifts taxable in hands of every person [Section 56 of Income tax Act – Applicable from 01.04.2017 ] Widening scope of Income from other sources Under the existing provisions of section 56(2)(vii), any sum of money or any property which is received without consideration or for inadequate consideration (in excess of the specified limit of… Read More »