Taxable gifts u/s.56(2)(x) income tax act

Querist : Anonymous (Querist) 15 December 2018 This query is : Resolved
Sir,
A society registered under Societies Registration Act, assessed as AOP society has been filing ITR 5 returns paying tax on the surplus. The society is running a degree college and getting grants from the Government and not covered U/s. 10(23)(C ) and also No 12A Registration. A Gift is made by the Governing Body members to the society during May 2017 and as such, the case on the face of it falls within the ambit of Section 56(2)(x). Kindly advise if the situation is otherwise

Thank you,

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KISHAN DUTT KALASKAR (Expert) 18 December 2018
Dear Sir,
Please consult a tax consultant or chartered accountant.

Please mark “LIKE” if satisfied by my answer.

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