gift deed

SUMMARY OF CASE LAW Mere omission of the surrendered income from the return of an item of receipt does neither amount to concealment nor furnishing of inaccurate particulars of income; mere asking of a question or simply raising of an enquiry about any loan/gift does not tantamount to detection of concealment. Full Article

The issue before the Tribunal is the gifts amounting to Rs. 12 lakhs in cash and Rs. 62 Lakhs in immovable property received by Mayavati. The donors had even borrowed money and made the gifts to her. The AO was not convinced but the CIT(A) was and Revenue is in appeal before the Tribunal. Assessee Mayavati is also before the Tribunal pleading Standard deduction of Rs. 30,000/-. Full Article

If you are not sure about how your son will treat you in future, be careful about gifting your property to him. The Supreme Court has ruled that parents cannot take back land or property gifted to their children on the grounds of illtreatment by the offspring after they have received the gift. This means that if a couple gift their only dwelling unit to their son and the latter tries to evict them from that very house, there is little the law can do to help the old paren.. Full Article