Olympic Medal gifts and awards are exempt from taxable income u/s 56(2)(v) of the Income Tax Act.

Gift u/s 56(2)(v) - Gifts/awards on winning of the Olympic Medal - in the case of the assessee, viz., Shri Abhinav Bindra, all the rewards/prizes/gifts received by him are covered by Circular No.447 dated 22nd January, 1986 and, therefore, should not be treated as income in his hands. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X