love and affection

The failure of the persons to appear before the AO for examination in assessment proceedings or remand proceedings tilts the scales in favour of the revenue for giving a finding that the gifts were not genuine. Full Article

It is the burden of the assessee to show and demonstrate what kind of relationship or what kind of love and affection the donor has with the assessee, and to explain circumstances in which gifts are made. Full Article

CASE LAW DETAILS Decided by: HIGH COURT OF PUNJAB AND HARYANA,  In The case of: Yash Pal Goel v. Commissioner of Income-tax (Appeals), Chandigarh,  Appeal No.: [2009] 181 TAXMAN 175 (PUNJ. & HAR.) , IT APPEAL NO. 389 OF 2008 ( Decided on: January 20, 2009 RELEVENT PARAGRAPH section 68 of the Income-tax Act, 1961 – Cash [...] Full Article

SUMMARY OF CASE LAW The gift transactions involving the unrelated NRI persons as donors are always a matter of dispute between revenue and the assessee; the aspects of identity of the donor, creditworthiness of the donor and the genuineness of the transaction become relevant simply because as to why or what reason an unrelated person [...] Full Article

Mayawati wins again in ITAT – can gift to a politician be treated as Professional income? – Gift of Rs 11 Lakhs allowed by AO after proper inquiry and consultation with CIT – Commissioner’ s Review order quashed: ITAT KM Mayawati the beloved Chief Minister is in the habit of getting huge gifts from her [...] 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