Amount received through Will of God Mother Eligible for Exemption u/s 56(2)(vii)

Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai)

The issue under consideration is whether the amount received through the Will of God-Mother is eligible for exemption u/s 56(2)(vii)?

ITAT states that a perusal of the provisions of Section 56(2)(vii) shows that any amount received by an individual without consideration and the aggregate value exceeds 50,000, the whole of the aggregate value is liable to be treated as income under the head “income from other sourcesPlease become a Premium member. If you are already a Premium member, login here to access the full content.