Income Tax : The Income Tax Act, 2025 expressly includes maternal as well as paternal lineal ascendants and descendants in the definition of re...
Income Tax : SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all fa...
Fema / RBI : Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repa...
Income Tax : Understand the tax treatment of monetary, movable, and immovable gifts received by individuals and HUFs. Learn the ₹50,000 thres...
Income Tax : Summary of taxability of gifts under the Income Tax Act for individuals and HUFs—covering monetary, movable, and immovable gifts...
Income Tax : The tribunal held that a gift deed alone cannot establish legitimacy under Section 68. It directed fresh scrutiny of the donor’s...
Goods and Services Tax : Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value m...
Income Tax : The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration whi...
CA, CS, CMA : Suggestions on Draft Rule 11UA of Income-tax Rules, 1962 Accepted: I am happy to inform you that our suggestions have found favour...
Income Tax : Actress Priyanka Chopra and photographer Atul Kasbekar will pay income tax on some undisclosed transactions. Priyanka will pay tax...
Income Tax : The ITAT Surat remanded a case involving a Rs.30 lakh gift treated as unexplained cash credit under Section 68. The Tribunal allow...
Income Tax : The ITAT set aside the CIT(A)’s order taxing Rs. 10 lakh received from HUF, emphasizing verification of the gift and HUF status ...
Income Tax : ITAT Chandigarh ruled that cash gifts from close relatives, supported by affidavits and audited accounts, cannot be treated as une...
Income Tax : ITAT Agra deleted additions on gifts received from real sisters, holding that when identity, genuineness, and creditworthiness are...
Income Tax : ITAT Delhi set aside an unexplained cash addition of ₹3.5 Lakh, ruling in favor of the assessee who received a gift from her adu...
Income Tax : CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source ...
Corporate Law : The depository participants have been permitted to operate in GIFT-IFSC in terms of the applicable provisions under SEBI (Internat...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
Fema / RBI : In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Man...
ITAT Agra deleted additions on gifts received from real sisters, holding that when identity, genuineness, and creditworthiness are proven, Section 68 cannot apply to family gifts made out of natural affection.
A summary of Income from Other Sources (I.F.O.S.), covering the basis of charge, list of specific incomes like dividends, winnings, and rent, taxation of gifts and property received for inadequate consideration, and applicable deductions under the residual tax head.
ITAT Delhi set aside an unexplained cash addition of ₹3.5 Lakh, ruling in favor of the assessee who received a gift from her adult daughter. The court accepted the daughters creditworthiness and the genuine nature of the transaction.
ITAT Kolkata deletes Rs.8.5 lakh addition for cash gift against Abdus Sattar. Tribunal ruled that the donor’s capacity must be judged by his balance sheet, not just current income, reversing the CIT(A)’s finding.
Understand the tax rules for cash gifts from grandparents in India. Learn why proper documentation is crucial to avoid scrutiny from the Income Tax Department.
The Income Tax Appellate Tribunal (ITAT) Chandigarh has reversed a tax addition of Rs. 6.75 lakhs on gifts received by an assessee ruling that the gifts from his sister and father-in-law were valid.
Learn lawful gifting strategies using debt mutual funds, capital assets, and property transfers to reduce income tax liability under Indian tax law.
ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and overturning previous denials.
ITAT Mumbai rules that gifts received shortly after marriage are exempt under Section 56(2)(vii) of the Income-tax Act. The decision clarifies that “on the occasion of marriage” includes gifts associated with the event, irrespective of immediate cheque clearance.
SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or for inadequate consideration, covering scope, taxable transactions, and key exemptions for specified relatives.
